Almost in concert with the proposed Congressional fixes to the TCJA (above), the Internal Revenue Service this week released 439 pages of proposed regulations that in large part address other issues and changes inherent in TCJA passage. Primary amongst them for our readers, the proposed regulations clarify a key provision in the TCJA that limited business expense deductions, but at the same time, may have the effect of narrowing the applicability of interest expense deductions. In addition, the IRS announced that withholding rules for 2018 would remain in effect for most taxpayers for 2019. Largely the result of the agency abandoning its plans for implementing a redesigned W-4 in 2019, the rule “explicitly” allows taxpayers to use the agency’s online withholding and estimated tax calculator instead of W-4 worksheets. You’ll definitely need to speak with your tax professionals for all the details.