The Governor and the President have signed the following bills:
AB 91, which provides partial conformity to the following TCJA provisions, among others:
- The repeal of the NOL carryback;
- Like-kind exchanges (with modifications); and
- Limitation on losses for noncorporate taxpayers (with modifications).
H.R. 3151, the Taxpayer First Act (a.k.a., the IRS reform and reorganization bill) which among other things will:
- Provide uniform electronic signature requirements;
- Increase the late-filing penalties;
- Authorize payments by credit cards: and
- Lower the threshold for filing electronic information returns.
The full text of the bills can be found at:
Get complete information concerning both of these bills at
Spidell’s Federal and California Tax Update Seminar.