* US NEWS AND WORLD REPORT advises “How to Maximize Your Retirement Accounts in 2016”.
Once suggestion is “Take full advantage of IRAs”.
I have posted here at TWTP in the past that “Everybody Ought to Have an IRA”.
* Still time to take advantage of year-end
tax-planning to reduce your 2015 federal, state, and local tax
liabilities. How to start? Get my “2015 Year End Tax Planning Guide”.
* The Tax Foundation’s TAX POLICY BLOG
reports “Universal Savings Accounts Introduced in Congress”.
This bill, sponsored by Senator Jeff Flake (apparently
one of the few idiots in Congress who is not one) and Representative Dave Brat,
is, as the post suggests –
“ . .
. a step in the right direction; the proposal could be improved, though, with a
higher contribution limit. Additionally, lawmakers may want to consider the
traditional IRA structure, which gives a tax deduction up front, and then taxes
withdrawals at ordinary rates.”
I have suggested two types of USA accounts
for some time now – a USA for education, medical, and other appropriate
purposes, to replace the HSA and MSA, the ESA, the ABLE, etc accounts, and a
URSA (Universal Retirement Savings Account) that would replace all the current
alphabet soup of retirement plans. At
age 65 balances in a USA could be rolled over to the URSA. They could be either “traditional” or
“ROTH-like”.
* Attention
tax pros Part I - The December 1, 2015 “issue” of TAXPRO BUZZ is now
up. Click here to check it out.
* The WASHINGTON POST tells us “Tax Extender Negotiations Heat Up” –
“House
and Senate negotiators are working to complete a deal as early as this week
that would revive dozens of expired tax breaks and could also seek to scale
back a controversial part of Obamacare {the Cadillac Tax – rdf} and expand some tax benefits for low income
workers {the Earned Income Credit – rdf}.”
It is getting late – and there is really
not much time left before the idiots in Congress leave for the year.
At this point it is necessary that the
idiots extend the “tax extenders” en mass – but I want the EIC repealed, not
expanded. Expanding the EIC just means
inviting more tax fraud.
* Attention
tax pros Part II - a free offer for the premiere issue of my new quarterly
e-magazine THE TAX PROFESSIONAL (coming in January 2016) – see my website THE TAX PROFESSIONAL.
* Attention
NY and NJ tax pros – I talk about “REQUIRED NEW YORK STATE CONTINUING EDUCATION
FOR TAX PREPARERS” in the Winter 2015 issue of NJ TAXING TIMES, the NJ-NATP newsletter.
And speaking of the NJ chapter of NATP, the
annual “Famous State Tax Seminar” (and it is truly “famous”) will be held on
Saturday, January 9, 2016 at the usual location – the APA Hotel Woodbridge at 120
Wood Ave South in Iselin, NJ. This year
it is totally devoted to NJ state (and NY state) taxes – payroll, sales,
property tax, corporate, and individual – with a special “NJ Line-by-Line”
presentation by local experienced tax pros.
This
is one seminar that every tax professional who prepares NJ state income tax
returns should attend.
Click here to download the registration
form.
THE FINAL WORD
I am still very worried about the future of
this country. Every time Donald Trump
opens his mouth he further verifies the fact that he is a fool and most
definitely not a legitimate Presidential candidate. Yet despite his continued ridiculous
babblings he is still the Republican front runner.
TTFN
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