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KraftCPAs PLLC
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Helping clients build, preserve and transfer business value and personal wealth since 1958.
Helping clients build, preserve and transfer business value and personal wealth since 1958.

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Taxpayers who turned age 70½ during 2016 (in most cases) must start receiving required minimum distributions (RMDs) from individual retirement accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. A 50 percent tax normally applies to any required amounts not received by the April 1 deadline.

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Deadline for reporting involvement is May 1. Conservation easements are one of the most powerful tools for preserving private lands in the United States today. The use of conservation easements has successfully protected millions of acres of wildlife habitat and open space, keeping land in private hands and generating public benefits.

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The U.S. Department of Labor (DOL) announced last week a proposed extension of the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10 to June 9, 2017.

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At the beginning of each new year, many people resolve to plan for their retirement and to get serious about saving. So now is a good time to review saving strategies. The first step to any savings program is to maximize retirement plan funding. From a tax savings standpoint, investing in a retirement plan is equivalent to taking money from one pocket and putting in the other while saving taxes in between.

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As advisors to privately held businesses, we are often approached by our clients when change is imminent. Some business owners are compelled to act because of unforeseen circumstances, while others are seeking guidance for navigating the transition of their businesses. Regardless of the circumstances, we encourage our clients to prepare for the unexpected before it happens by exit planning.

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Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction less beneficial than you might think.

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Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex tax rules apply to this type of compensation.

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The Internal Revenue Service has issued an alert, warning all employers that the Form W-2 email phishing scam is back in action.

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Every year, the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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