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As for IRS notice 2014-17; is this rescinded under the tax…

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As for IRS notice...

As for IRS notice 2014-17; is this rescinded under the tax bill just signed into law to take effect for 2018 tax year?

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Accountant's Assistant: Is there anything else the Accountant should be aware of?

I live in the same home as the IHSS client I serve. The above referenced notice made monies earned by persons in the same residence of the client non taxable income for the purpose of federal taxations.

Submitted: 5 months ago.Category: Tax
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Answered in 3 hours by:
12/28/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,400
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane. ... (Sorry Just Answer's server was down. Not sure if ALL users were locked out or just expert users, but we're just now been able to access).

.....

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Bear with me just a moment and I’ll provide my initial response and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

No this has not been changed. The wide ranging changes dealt with tax rates, tax brackets, deductions, income limits, limits on deductions and other issues.

...

Thresholds such as the gift tax and estate tax exemptions were also changed.

...

But there were absolutely NO changes to the definitions of what income is taxable and what income is not. Under the tax code (26 USC ... colloquially called the Internal Revenue Code), what qualifies as “taxable income” is defined in the Internal Revenue Code Section 63. “Gross income” is defined in Section 61 of the Internal Revenue Code.

...

These payments are still considered as "difficulty of care" payments and excludable from gross income under § 131 of the Internal Revenue Code.

...

Nothing has changed at all, with respect to what income is or is not taxable.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") … That’s the only way JustAnswer will compensate me for the work here.

...

But if you need more on this, please let me know.

Lane

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