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Here are your articles for Jan 26, 2017.

2017 marks CDL's 30th year in business.  Since its founding in 1987, CDL has prided itself on providing top quality service and giving back to the community.  With our knowledgeable shareholders and staff we have been able to deliver the broad resources and experience of a large firm but offer the personal attention, passion, and innovative thinking of a small firm.



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Restrictions on employee 401(k) hardship withdrawals will be eased next year, thanks to new legislation enacted by Congress in February 2018. While that could be good news for plan participants, it could also give them an opportunity for a self-inflicted financial setback. As the employer, you might need to step up your guidance to minimize the chances of that from happening.



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Have you saved enough for retirement? As people get older, many realize that their savings won't be enough to maintain their preferred lifestyle into their golden years. Don't let this happen to you. Consider making annual "catch-up" contributions to your IRAs and employer-sponsored retirement plans (if allowed) as soon as you reach age 50. Saving a little extra every year can help supplement your retirement nest egg and bridge any shortfalls.


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The new tax law is commonly known as the Tax Cuts and Jobs Act (TCJA) for a reason — because most U.S. businesses are looking forward to owing far less federal income tax for tax years beginning after January 1, 2018. However, the exact tax cuts that most businesses will enjoy depend on several factors. Here's a summary of some important changes for businesses.


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The IRS Whistleblower Office is celebrating its tenth anniversary this year. According to a recent report, fiscal year 2016 was "very productive" and "transformative" for the program. It collected nearly $369 million in unpaid tax liabilities and awarded more than $61 million to informants. Here's more on how the IRS program works, along with a list of federal laws that provide whistleblower programs for employees and others.
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Although there's a good chance the Affordable Care Act will be repealed and potentially replaced in the coming months, employers still must comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. The IRS recently revised its FAQs to help employers comply with the current law and avoid penalties for 2016.
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Employees and self-employed people often wonder whether they can deduct education expenses on their personal tax returns. Here are two recent U.S. Tax Court cases that address this issue, as well as some background on the rules for deducting education costs as business expenses.
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A harsh and expensive tax penalty can be personally imposed on any person responsible for collecting, accounting for, or turning over taxes to the federal government that were withheld from employees' paychecks. There's often more than one person in a firm who can be hit with the Trust Fund Recovery Penalty, which is also called the 100% Penalty. This article shows you how it works.
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Congress increased the threshold for deducting medical expenses on your personal tax return. Here are more details on these itemized expenses, including a checklist of medical, dental and vision care items to consider when compiling your annual expenses for tax purposes.
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Our firm provides the information in this e-newsletter for general guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, expressed or implied, including but not limited to warranties of performance, merchantability and fitness for a particular purpose.


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