Monday, October 31, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
A lean BUZZ this week.
* 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."