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Last month, the Internal Revenue Service released Notice 2017-64, which provides the annual cost-of-living adjustments and contribution limits on 401(k) plans, pension plans, and other retirement accounts for 2018.

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On October 12, The Internal Revenue Service (IRS) announced that there is a new cyber scam to be aware of. The scam is an intricate plan that has affected both tax pros and taxpayers alike, and is being used by cybercriminals to obtain access to annuity and life insurance accounts.

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Unforeseen events are just that...unexpected. You started out your career on the right path and began the process of saving for your retirement. Then life throws you a curveball and you realize you will need to access those funds much sooner than you expected. If you have not reached the age of 59½, you will be subject to taxation on withdrawal of those funds and get hit with a 10 percent early distribution penalty.

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The IRS has issued a directive to tax examiners in the Large Business and International Division (LB & I) that taxpayers may use ASC 730 Financial Statements that follow US Generally Accepted Accounting Principles (GAAP) as evidence of their qualified research expenses (QRE's) to reduce the burden of independent determination on both taxpayer and examiner.

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Accrued bonuses can be deducted for tax purposes if certain criteria are met: must be paid within two and a half months after year end, the bonus is determinable within reasonable accuracy, economic performance has occurred within the tax year, and all events have occurred that "establish the fact" of the liability before year-end

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The Social Security Administration (SSA) has announced that the maximum amount of wages subject to the 6.2 percent Social Security tax (old age, survivor and disability insurance) for 2018 will rise from $127,200 to $128,700. The increase of just over one percent is a lot less than the seven percent jump from 2016 to 2017.

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The House Ways and Means committee released the Tax Cuts and Jobs Act. This finally gives the American people insight into the tax reform that President Trump and the Republicans have been talking about since April. The Act is being touted as the first major tax reform since the Tax Reform Act of 1986. The Ways and Means committee is indicating that this will save the average American family $1,182 in taxes. In addition, due to simplification, an individual or family will be able to file their taxes on a form as simple as a postcard.

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Republicans have unveiled their proposed tax plan today. The proposal includes a path to repeal the US federal estate tax. This should be of interest to wealthy individuals, including foreign nationals investing in the US through US corps, real estate, and/or other activities.

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The UHY global real estate guide has been developed to provide property investors with information on rules and regulations from over 70 countries featured in the guide, covering areas such as real estate regulations (e.g. deduction of expenses and interests), tax rates (e.g. VAT, wealth tax and inheritance tax) and also touches on some tax planning techniques.

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A Roth IRA can be an attractive investment over a traditional IRA in a couple of different ways: it gives taxpayers the opportunity to avoid tax on their IRA distributions and a Roth is not subject to required minimum distribution rules. When converting a traditional IRA to a Roth IRA, a taxable event occurs and taxpayers must pay tax on their conversion amount as if it were ordinary income.

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