Deferred comp, SUV depreciation, vehicle donations and more need year-end look

With 450 recent changes to the federal tax code, your year-end considerations this year are very important.   While many changes open opportunities for many taxpayers, the IRS is moving to shut some doors at the same time. One area of concern is deferred compensation plans. Many experts opine that most current plans will be outside the lines of the new playing field. Even more dangerous is that last-minute changes to plans in effect now could subject to them the harsh new requirements and stiff penalties. In his monthly column in the December issue of TAXES Magazine, Mark Luscombe, J.D., LL.M, CPA takes a quick look at these and many other important issues.

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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.

Read this article from CCH’s Journal of Taxation of Financial Products.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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