Year-End Moves for Those Who Believe President-Elect Trump Will Cut Their Taxes

In his first televised interview, President-elect Trump declared that a “major tax bill lowering taxes in this country” would be one of his top three priorities. Those middle and upper income taxpayers who are betting he can deliver on this promise, and put his tax reduction plan in place for 2017, should revisit their year-end tax moves to make the…

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Court Temporarily Blocks Overtime Rule

On Tuesday, November 22, 2016, a federal court issued a preliminary injunction to temporarily block the U.S. Department of Labor (DOL) from implementing and enforcing its Final Overtime Rule nationally, pending further order by the court. What does this mean to your clients? As a result of the ruling, employers currently DO NOT need to comply by the original December…

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IRS Statement on “Get an IP PIN” Tool

IRS has announced that, following a temporary suspension, it has re-launched its “Get an IP PIN” (Identity Protection Personal Identification Number) tool on its website with a stronger authentication process to help protect taxpayers.   Background To provide relief to victims of identity theft, IRS began issuing IP PINs to eligible taxpayers in Fiscal Year 2011. An IP PIN is…

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U.S. Seeks Options For Farm Loan Program

The U.S. government’s $2.65 billion operating loan program to help farmers keep their businesses going has already run out of cash, as requests for federal financial assistance grow amid the worst agricultural downturn in more than a decade, U.S. officials told Reuters on Monday.   As a result, the U.S. Department of Agriculture (USDA) is looking for other money sources…

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Beware of Phone Scams

In an Information Release, IRS has warned taxpayers of an increase in IRS impersonation scams that employ automated phone calls demanding tax payments on iTunes and other gift cards.   IRS has seen an increase in phone “robo-calls” where scammers leave urgent callback requests telling taxpayers to call back to settle their “tax bill”. These fake calls generally claim to…

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Summer Tax Highlight – 2016

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are…

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President Signs Tax Extenders, Spending Bill

President Obama on December 18 signed legislation a combined tax-extender package, the Protecting Americans from Tax Hikes (PATH) Act of 2015, totaling over $600 billion, along with a $1.1-trillion omnibus spending bill. Both bills were merged in the Senate and the bill is referred to as the Omnibus Appropriations Act (HR 2029). The bill was sent to the president after…

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Year-End Tax-Planning Moves For Businesses & Business Owners

Here are just some of the year-end steps that can be taken to save taxes. Again, by contacting us, we can tailor a particular plan that will work best for you. We also will need to stay in close touch in the event that Congress revives expired tax breaks to assure that you don’t miss out on any resuscitated tax-saving…

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Planning Moves that may Help Lower your Tax Bill

As the end of the year approaches, it is a good time to think of planning moves that may help lower your tax bill for this year and possibly the next. As of this date, Congress has not extended a number of important tax breaks that expired at the end of 2014. Some of these tax breaks ultimately may be…

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Recently Released IRS Information for the 2016 Tax Year

The IRS recently released the following information for the 2016 tax year.   The top tax rate of 39.6% now applies to single taxpayers earning more than $415,050 ($466,950 for married taxpayers filing jointly)-up from the 2015 thresholds of $413,200 and $464,850, respectively.   Here are the other major adjustments:   If you are Single… If your taxable income is……

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