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.