As the year comes to a close, Wall Street continues to make headlines with terms like whipsaw, fizzle and turmoil. The losses have been broad based and even seemingly quality stocks have taken hits.
While it might not seem possible that we are already at year end, there is still time for some last minute tax planning. Maximizing charitable giving or adding an electric vehicle are two to think about.
As concerns begin to mount about the length of the current expansion, damage from the last downturn continues to unwind in court. In 2017, a 34-count indictment was filed against a biotech investment fund founder for a scheme to siphon money from investors that started in 2007. By 2013, millions were missing.
The IRS recently warned small businesses to be on the guard against tax-related scams. Cybercriminals continue to look for new ways to access sensitive identifying information.
Qualified Opportunity Zones (QOZs) allow investors to defer or abate capital gains by investing in “low-income communities” as designated by census tracts. In October, the IRS shared more details about Section 1400Z, a provision in the 1,097-page Tax Cuts and Jobs Act that initially did not receive much attention.
It’s the time of year to run calculations and make adjustments to avoid unpleasant tax-related surprises in the new year. While many deductions have been removed, a positive is that the Alternative Minimum Tax is unlikely to snare as many taxpayers in 2019.