Holiday Newsletter 2016

SEASON'S GREETINGS

As we near the close of 2016 we are thankful for you, our loyal client, friend, family or partner of the firm and we look forward to your continued support in the new year. Wishing you and yours a healthy and happy Holiday Season and prosperity in the New Year.

ESTATE TAX REPEAL? LET'S KEEP PLANNING!

Donald Trump's surprise election gives us a tremendous amount of hope that the federal estate tax might finally be repealed. This concept runs in the face of candidate Clinton's proposal to reduce the estate and gift tax exemption amounts and increase the tax rates from 40% to 65%.

2016 Post-Election Tax Update

Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This article highlights some of the President-elect's tax proposals.

Overtime Law Update

In June, we warned business clients that new regulations governing overtime laws would take effect on December 1, 2016. However, a number of states sued the Department of Labor and on November 23, the United States District Court for the Eastern District of Texas issued an injunction blocking the implementation from taking effect.

Planning With Uncertainty

With the election of Donald Trump as President, many income, estate, and gift tax issues are in a state of uncertainty. President-Elect Trump has mentioned eliminating the Estate Tax, but it's unclear if he will make that a priority, or if Congress is interested in such a change.

IRS Phishing Scams

In keeping with our ongoing effort to make you aware of security issues surrounding your tax returns and interaction with the IRS, we are posting the Service's most recent bulletin regarding security. Please do not hesitate to contact us with any questions or concerns at 404-255-7400.

www.hoffmanestatelaw.com 404-255-7400 info@hoffmanestatelaw.com

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