Citation and Resource Guide

Seeking a Stable Retirement ■ The IRS explains the tax treatment of annuity withdrawals in Publication 939, General Rule For Pensions and Annuities, p. 7, at www.irs.gov/pub/irs-pdf/p939.pdf. Foreign Stock Funds Can Be Doubly Taxing ■ IRS Publication 514, Foreign Tax Credit For Individuals, can be found at www.irs.gov/pub/irs-pdf/p514.pdf. Automatic Enrollment Retirement Plans ■ The IRS answers frequently asked questions about automatic enrollment arrangements at www.irs.gov/retirement-plans/faqs-auto-enrollment-are-there-different-types-of-automatic-contributionarrangements-for-retirement-plans.


Practice Development Tip Follow Up on the Election Results By the time you read this issue of the CPA Client Bulletin Select, the results of this year’s elections will be clear. When you send year-end communications to clients, via your website, email, or regular mail, summarize the positions taken by the winning candidates on issues such as taxes and small business. Assure clients that you are aware of these proposals and will follow them closely as they pass through the processes needed for enactment. Let clients know that you’ll inform them as soon as developments occur that require or suggest action on their part. At the same time, remind clients that these proposals will not become effective right away, if ever. Meanwhile, clients will have to file their 2016 tax returns in the near future, based on pre-election rules. Indeed, there is still time to save tax by yearend 2016, for example, clients can make tax-deductible contributions to charity. Alert clients of traditional year-end planning maneuvers. Mutual fund companies, for instance, typically make annual capital gains distributions late in the year. Clients who invest just before these distributions may soon receive a tax bill for getting some of their own money back. Instead, clients might wait to invest until just after the “record date,” as announced on the company’s website, when the payout to shareholders has resulted in a lower trading price. Such timely tips can indicate that your expertise is year-round, not restricted to the tax return filing season.

 

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