Tuesday, December 11, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* 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?