February 23, 2018
In almost every piece of new major tax legislation, there are provisions that don’t usually affect the general population of taxpayers. The Bipartisan Budget Act of 2018 was no exception. Contained in a section of the act, under the title Miscellaneous Provisions, is a gathering of items that are very meaningful to those affected. But to those that are not, these new provisions tend to be a little confusing; however, they do make for some interesting reading.
Summary of Miscellaneous Provisions
The following is a summary of the items detailed in the Miscellaneous Provisions section of the Bipartisan Budget Act. The items provided include, but are not limited to, the topics of installment agreements, levies, senior taxpayer tax reporting, private foundation excess business holdings, craft brewing, retirement plan hardship distributions and carbon dioxide sequestration credits.
For assistance with these, or other more universal tax provisions, contact an Eide Bailly tax professional.