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The Slott Report
The Slott Report
Employer Plan Overpayments: Collateral Damage from the Tax Cuts and Jobs Act
Wednesday, January 31, 2018
The U.S. Tax Code is a 74,000-page document with interrelating laws and regulations. Therefore, any time Congress enacts a piece of legislation as massive as the Tax Cuts and Jobs Act (TCJA), there are going to be unintended consequences, or as I like to call it, collateral damage. After passage, it's up to the IRS to sift through the damage and clarify any unresolved issues.
6 IRA Actions in 2018 Guided by Your 2017 Tax Return
Monday, January 29, 2018
As you prepare your 2017 tax return, use the information you collect both to make the best IRA contribution choices for 2017, and to plan IRA strategies for 2018. Here are six ways to consider:
Keeping it SIMPLE and RMDs: Today’s Q&A Mailbag
Thursday, January 25, 2018
This week's Slott Report Mailbag answers readers' questions about profit sharing plans and RMDS and SIMPLE IRAs.
Roth Recharacterization Update from IRS
Wednesday, January 24, 2018
It has been widely reported that the Tax Cuts and Jobs Act eliminated the ability to recharacterize Roth IRA conversions as of January 1, 2018. On the other hand, it kept the ability to recharacterize IRA and Roth IRA contributions. Despite all of the above, an unanswered question on Roth IRA conversions done in 2017 lingered. At the time of those conversions the taxpayer had the ability to recharacterize the conversion up to October 15, 2018. Was that option still available to them?
Tax Reform and Your IRA – 5 Things You Need to Know
Monday, January 22, 2018
The Tax Cuts and Jobs Act made sweeping changes to the tax laws. Brackets have been changed, deductions have been eliminated, and retirement plans have been affected. You may be wondering what the new law means for your IRA. Here are 5 things you need to know.
A Senior as a First-Time Home Buyer and QCDs: Today’s Q&A Mailbag
Thursday, January 18, 2018
This week's Slott Report Mailbag answers readers' questions about purchasing a home as a senior (as a first-time home buyer) using IRA funds and QCDs under the Tax Cuts and Jobs Act.
Tax Law Updates to 529 Educational Plans
Wednesday, January 17, 2018
Now that the dust has settled and the tax code has been “reformed,” it’s time to unpack those changes and analyze how best they can help you and your clients. One of the changes was the expansion of 529 Educational Plans.
Tips for a Successful Tax Season
Monday, January 15, 2018
The IRS says it will start accepting and processing 2017 tax returns on January 29 and expects to issue nine of 10 refunds within 21 days. To get the fastest refund possible, file electronically and request direct deposit of the refund amount. The IRS says it won't start processing paper returns until mid-February, and requesting a mailed paper check adds more time to processing and delivery. The due date for 2017 returns is April 17, 2018, since April 15th is a Sunday and the 16th is Emancipation Day, a legal holiday in the District of Columbia.
Roth IRA Contributions and RMD Rules: Today’s Q&A Mailbag
Thursday, January 11, 2018
This week's Slott Report Mailbag answers readers' questions about Roth IRA contributions and RMD rules.
Liability for Tax Underpayments, Penalties, and Interest: Relief for the “Innocent” Spouse
Wednesday, January 10, 2018
In many households, married couples divvy up the responsibilities; one will handle the bills and banking while the other cooks and does the grocery shopping, or one will do the laundry while the other manages the yardwork and house. This split often extends to annual income tax responsibilities, even in couples who use a professional preparer. However, when couples submit joint returns, both are jointly and severally liable for the information included in the return. That means if there’s an underpayment, both spouses are going to be liable for the debt.
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