Congress has reversed the changes to the kiddie tax rules enacted in the 2017 Tax Cuts and Jobs Act. This is good news for many, as this change allows taxpayers to choose which kiddie tax rules to use for 2018 and 2019 filings. Click the link below to read more about the restored rules and the potential impact this may have for any tax returns on extension. If you have already filed these returns under the TCJA rules, you have the option to amend these returns.
Contact your tax professional for additional information.
