ABLE accounts get prop. regs.

The IRS issued proposed regulations (REG-102837-15) providing guidance on Sec. 529A ABLE (Achieving a Better Life Experience) tax-advantaged savings accounts benefiting young blind or disabled individuals. The new accounts share many of the features of Sec. 529 qualified tuition plans, including that they are established and maintained by a state or agency or instrumentality. But where Sec. 529 designated beneficiaries must participate in a qualified tuition program, ABLE account beneficiaries are recipients of Social Security benefits based on blindness or disability, or individuals certified as blind or disabled, with the blindness or disability in either case occurring before the individual reaches age 26. And where Sec. 529 distributions excludable from income are those spent on qualified higher education expenses, ABLE account distributions used to pay for a wide range of "qualified disability expenses," including education, housing, transportation, employment training and support, and health care, are excludable from income.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.