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Year-End 2016: Fine-Tune Tax Strategies and Prepare for New Legislative and Political Forces


12/20/2016
 
With tax reform being central to President-elect Donald Trump’s substantial agenda, the issuance of our 2016 year-end tax planning guide comes amid many uncertainties as we embark on a new year and a new administration in Washington.
 
CohnReznick issued a tax alert in early December advising our clients on various actions to consider taking before year-end in light of these uncertainties.
 
The 2016 Year-End Tax Planning Guide, produced in conjunction with CCH/Wolters Kluwer, provides further insight, detailing additional tax issues and year-end planning strategies to consider. The guide offers practical advice for businesses and individuals in areas that include:
 
  • How to apply a review of traditional year-end techniques to year-end 2016, such as balancing income and deductions between the current and upcoming year through acceleration and deferral techniques
  • How changes in personal and financial circumstances should be reflected within 2016 year-end strategies
  • How recent tax law changes should be integrated into specific 2016 year-end considerations
  • How inflation adjustments that are required by the Internal Revenue Code to be made annually can impact on certain decisions at year-end 2016
  • How timing rules determine when income or a deduction is considered locked into a particular tax year within a variety of personal and business situations
  • How legislative and political forces in 2017 – still unknown – might shape strategies at year-end 2016
 
 
Contact
 
If you would like to discuss the topics addressed in this tax briefing, please contact Kenneth Kanter, Managing Partner – Tax, at kenneth.kanter@cohnreznick.com or 973-364-6668.
 
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 
 
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