This tax musing wonders if there will be tax reform this year? Will Congress kick the can down the road for 3 months, a year, until the next election? See this article in Accounting Today by Michael Cohn that considers all the options and the likelyhood of different things happening:http://www.accountingtoday.com/news/Tax-Reform-Prospects-Dim-Election-64582-1.html?ET=webcpa:e6285:204199a:&st=emailPersonally I think the can will be kicked for a year, then we will see what happens. Remember, 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
CPA Tax Musings: Obama Wins Re-election, Pledging to Reform Tax Code
Well the President got reelected. Now what happens? In this article in Accounting Today by Michael Cohn, a summary of what Mr. Obama talked about after the election plus what the Republicans are saying:http://www.accountingtoday.com/news/Obama-Wins-Reelection-Reform-Tax-Code-64575-1.html?ET=webcpa:e6279:204199a:&st=emailWell, the rest of 2012 should be interesting. Remember, 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
CPA Tax Musings: Borrowing From Your IRA
Yesterday we discussed longer term borrowing from retirement plans. There is one short term borrowing option – the 60 day rule for IRAs. If you put the money back in the IRA within 60 days you don’t get penalties or taxes. See this article inSmart Money by Bill Bischoff that goes over the advantages and the pitfalls of this option:http://www.smartmoney.com/taxes/income/borrowing-from-your-ira/Just remember to be careful on this type of short term borrowing and follow the rules or you could get hit with a tax bill plus penalties.Remember, 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