Monday, December 11, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* If you want an extremely detailed analysis of the Senate tax bill with commentary check out “Parker's Explanation of the Senate Tax Bill (TCJA 2017)”.
* And there is an extensive “Roadmap to House and Senate Tax Reform Plans” – a side-by-side comparison of the two bills – from BLOOMBERG TAX.
* Or you can go here – and scroll down to “Tax Cuts and Jobs Act” and click on “Read the full coverage here” – to download the CCH “Tax Briefing” on the bill.
* Russ Fox has made his annual announcement at TAXABLE TALK – "Nominations Due for 2017 Tax Offender of the Year".
“To be considered for the Tax Offender of the Year award, the individual (or organization) must do more than cheat on his or her taxes. It has to be special; it really needs to be a Bozo-like action or actions.”
* Today’s THE TAX PROFESSIONAL post is "Back on the Soapbox".
* Jim Blankenship lists “7 Mistakes With Stretch IRAs” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
“The stretch IRA, when implemented properly, can be a great vehicle for transferring wealth to your heirs. Using this method, you pass along the tax-deferred status of the account until it is withdrawn, which may be much later. The problem is that there are some very specific rules that must be followed in order to achieve the stretch IRA.”
* A tweet led me to a PIM TAX SERVICES BLOG post on “Suspended Passive Losses on Rental Property” by Paul D Allen from October, a topic of relevance to several of my clients.
The post explains passive income, passive losses, and suspended passive losses. It’s bottom line is -
“If you don’t remember anything else from this article, remember this – you can still get tax benefits from real estate investing even if you have a high income. You may have to wait longer to realize it, but the benefits are still there.”
As a point of information – the competing GOP bills do not make any changes to the passive activity rules. The Senate version, however, reduces the “useful life” (an obvious misnomer) of rental real estate for depreciation purposes from 27.5 years to 25 years – which will increase the potential passive loss (although not the true economic loss, if any) on rental real estate investments.
* For those of you who are interested, Kay Bell provides a list of the members of the conference committee that will be working to reconcile the differences in the two GOP tax bills in her post “Tax reform conferees named. Let the tax mixing begin!” at DON’T MESS WITH TAXES.
* I have been saying that the eventual final version of the Tax Act will have definite effects on corresponding state tax returns, especially those that follow the federal 1040. At the TAX FOUNDATION Joseph Bishop-Henchman identifies “Seven Things States Should Monitor in the Federal Tax Bill”.
* Still looking for some “stocking stuffers”? Here are “Some Holiday Gift Ideas”.
THE FINAL WORDS
Part 1 -
I believe arrogant idiot Donald T Rump has done every single crime and “bad act” he has ever been accused of. I would actually believe that Trump has done any “bad act” that anyone would say he has done. There is no limit to the depth to his despicability.
But even if Trump did not actually do what he bragged to Billy Bush that he did in the infamous tape, and I do believe that he did do it, the mere fact that he thinks the actions he discussed are ok and something to brag about by itself disqualified Trump from being considered for President.
Part 2 –
I realize I may sound like a broken record. But watching the ABC television show DESIGNATED SURVIVOR is true therapy for America in this sad and dangerous time in our country. It shows how a “non-traditional” President can and should act – with intelligence, competence, honor, and integrity. These are all qualities totally lacking in the reality of the White House today.