Well, the President is at it again. He wants to propose capital gains taxes on the wealthy and take the savings to increase tax breaks for the middle class. He and the democratic Congress did this a few years ago, and now wants to do it again. See the article from Accounting Today by Richard Rubin and Margaret Taley Bloomberg for more details: http://www.accountingtoday.com/news/government-news/obama-proposes-tax-increases-on-wealthy-to-aid-middle-class-73356-1.html The most annoying part of this is the taxability of some inherited assets that are now exempt by the estate tax exclusion. Why does every Presidential Proclamation have to do with tax increases – why can’t it have more to do with overall overhaul of the tax code to make it simpler and making more sense than adding more code pages and loopholes. It is like taking a battleship (big, slow moving) and putting butterfly wings on it (Ttat just won’t fly anymore!) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: IRS Braces for Start of Tax-Filing Season
Well, the IRS is gearing up for tax filing season. They have updated systems and forms and supposedly are ready to roll. See the article from Accounting Today by Michael Cohn for more details: http://www.accountingtoday.com/news/irs-watch/irs-braces-for-start-of-tax-filing-season-73332-1.html?utm_campaign=daily-jan%2016%202015&utm_medium=email&utm_source=newsletter&ET=webcpa%3Ae3662044%3A2498807a%3A&st=email Starting January 20, the IRS will begin processing e-file returns (their free FastTax service opens today). The Service says that budget cuts will further delay processing paper filed returns, so they are recommending taxpayers e-file tax returns (why they don’t allow e-filing of amended returns still escapes me.) Well, time to file. Better make your appointment with your tax preparer early; looks like a busy season. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Financial Musings of a Burbank CPA: Retirement: What the new Congress has in store
Exactly what will Congress have in store for retirees and older Americans? Will Social Security and Medicare be changed? What about tax deferred savings like traditional IRAs and 401Ks? Will Roth just be the name of a Senator from Delaware instead of a type of retirement plan? With the looming deficits in government programs, some future changes are likely. See this compilation of ideas put together by Rodney Brooks in USA Today: http://www.usatoday.com/story/money/columnist/brooks/2015/01/13/retirement-congress-pensions-social-security-medicare/21501407/ The thing is that because the current retirement system is a huge political issue, any changes will probably be gradual and likely will affect people in their 30s and 40s rather than those in their 50s and 60s and current retirees. We will see what the next few years bring. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa