* Did you see it yet? The latest “issue” of THE LAKE REGION SOMETHING that is. See what I have to
say about so-called “reality tv”.
* Michael Cohn relays
“10 year-end tax-planning tips after tax reform” from international accounting
firm of Grant Thornton at ACCOUNTING TODAY.
Some good advice.
You can order my 2018
Year-End Tax Planning Guide for only $2.00 from My Dollar Store. Also available there is “What’s New for 2018”
and “What’s New for 2019”.
* An early reminder from Jason Dinesen at DINESEN TAX TIMES –
“Don’t Forget to Check Online for Investment 1099s”.
I will add that, unfortunately, most brokerage houses will be
issuing at least one “corrected” set of 1099s later in the season – usually
sometime during the first 2 weeks of March.
I have arranged with the brokers of several of my clients to
have them email me directly client Consolidated Year-End Tax Statements
containing all the appropriate 1099s – including the inevitable corrected ones.
* A reminder that you
are invited to take my “Trump Challenge”.
* The IRS has
announced that “Retirement plans can now make loans, hardship distributions to victims of Hurricanes Michael and Florence”.
“As a result, participants in 401(k) plans, employees of public schools
and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as
state and local government employees with 457(b) deferred-compensation plans
may now be eligible to take advantage of these streamlined loan procedures and
liberalized hardship distribution rules. Though IRA participants are barred from
taking out loans, they may be eligible to receive distributions under
liberalized procedures.”
* Also from the IRS –
Notice 2018-94 extends the due date for furnishing Forms 1095-B and 1095-C to
individuals. Typically, Forms 1095-B and 1095-C, which report employer-provided
health insurance coverage, must be provided to individuals each year on Jan. 31st. The due date is extended to March 4, 2019.
These forms are not needed to complete your tax return;
they are informational only. So, you
should not hold up preparing your
return, or giving your tax “stuff” to your preparer, waiting for them to
come. The only 1095 series form that is
necessary for preparing your 1040 is Form
1095-A, which is for individuals who have received an advance premium tax
credit applied to the monthly insurance premiums during 2018. These forms are required to be issued by
January 31st.
* Peter J Reilly
tells us “Law Professor Argues New Pass-Through Rules (199A) Are Horrible” at
FORBES.COM.
The law professor is Professor
Daniel Shaviro of NYU writing “Evaluating the New US Pass-through Rules” in The
British Tax Journal. Peter quotes Dan as
saying (highlights are mine) -
“The pass-through rules that the US Congress enacted in 2017—permitting
the owners of unincorporated businesses in favoured industries to escape tax on
20 per cent of their income—achieved a rare and unenviable trifecta, by making the tax system less efficient, less
fair, and more complicated. It
lacked any coherent (or even clearly articulated) underlying principle, was
shoddily executed, and ought to be promptly repealed. Given the broader
surrounding circumstances, the mere fact
of its enactment sends out a disturbing message about disregard among
high-ranking US policymakers for basic principles of competence, transparency,
and fair governance.”
I agree with Dan
100%!
* One more deduction
that is gone thanks to the GOP Tax Act.
Jim Blankenship explains “You can’t deduct IRA losses any more” at GETTING
YOUR FINANCIAL DUCKS IN A ROW.
THE LAST WORD
How different from the memorials for
President Bush and John McCain the funeral for Trump will be.
It will truly be Trump's death, and certainly
not his life, that will be celebrated.
Who would eulogize
Trump at his sparsely attended service?
Scott Baio or Kellyanne Conway?
TTFN
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