* I have compiled a report of “What’s New
In Taxes For 2017” based on the recent IRS announcements. It contains the inflation-adjusted and COLA
numbers for tax year 2017. Click here to
download this report.
* The CCH week-day daily HEADLINE NEWS
reports “IRS Eases Requirements for Retirement Plan Loans, Distributions for Victims of Hurricane Matthew (IR-2016-138; Ann. 2016-39)” -
“The
IRS has announced streamlined procedures for loans and distributions from
retirement plans in order to help benefit victims of Hurricane Matthew. Participants
in 401(k) plans, employees of public schools and tax-exempt organizations with
403(b) tax-sheltered annuities, and state and local government employees with
457(b) deferred-compensation plans may be able use these streamlined loan
procedures and liberalized hardship distribution rules. Although participants
in IRAs are barred from taking out loans, they may be eligible to receive
hardship distributions under the new procedures.”
* Bruce McFarland asks the question “Are You Having Enough Withheld?” at THE TAX PREPARER’S GROUP blog and provides some
good advice -
“To
avoid surprises at tax time, it’s a good idea to periodically check your
withholding.”
Now, as you are doing year-end review and
planning, is a good time to see if you will be under withheld for 2016. My “2016 Year-End Tax Planning Guide”
suggests one way to fix things if you are.
* THE TAX FOUNDATION identifies the “Top State Tax Ballot Initiatives to Watch in 2016” that involve tax issues –
“Ballot
initiatives and referenda are often an afterthought on Election Day, but in
many states, voters going to the polls on November 8th, 2016 will have the
opportunity to weigh in on significant—in some cases, momentous—policy
questions.”
THE FINAL WORD
An excellent "tweet" from David
Schneider @davidschneider
puts the election in proper perspective -
"Poor
America. Such a tough choice: a lying, misogynist, racist, dangerous,
unpredictable narcissist, or a woman who used the wrong email."
TTFN
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