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For many of us, the new year signifies new beginnings . . . the first day of the rest of your life! Hoping this new year brings you all good things, and you are blessed with happiness, good health, and the love of family and friends.
From all of us at DJL Accounting . . .
Wishing you a holiday season filled with peace and joy.
May the New Year bring you happiness and prosperity!
Carl N. Lupi, my beloved step-father, mentor and advisor, passed away peacefully on December 11, 2016 surrounded by his loving family, following a courageous battle with cancer.
Carl has been a big influence in my life. I owe much of my success to him. Sometimes someone comes into your life who changes everything . . . raises the standards, makes you laugh, makes you feel like you. There is something about Carl that you can't put into words. Even though he is no longer here in body, he will always be here in our hearts.
Dear Clients and Friends:
With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year.
In the waning days of 2015, Congress passed the Protecting Americans from Tax Hikes (PATH) Act, which was promptly signed into law. This new federal legislation reinstated dozens of favorable tax provisions that had expired, many of them retroactive to the beginning of 2015. In some cases, the new law made often-extended tax breaks permanent, with certain modifications. The changes included in the PATH Act provide both individual and business taxpayers with a clearer picture about the optimal tax moves to make before the end of this year.
The Department of Labor Overtime Rule that would have required employers to pay overtime to most salaried workers who earn less than $47,476 annually, has been blocked. Texas U.S. District Judge Amos Mazzant issued a temporary injunction blocking the Department of Labor rule, which was scheduled to take effect December 1st.
Dozens of business groups, including the U.S. Chamber of Commerce, and 21 state attorneys general, including Ohio Attorney General Mike DeWine, filed suit against the rules. The litigation will likely continue beyond inauguration day. President-elect Trump is expected to either eliminate the new rule or make substantial revisions to ease the burden on businesses.
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