One way to fix Social Security's finances would be to raise the Social Security taxes paid by workers and employers by 1.42 percentage points, according to researchers at Boston College. This would allow for funding at current benefit levels to continue through at least 2090. AICPA PFP/PFS members have access to The CPA's Guide to Social Security Planning.
Alimony will no longer be tax-deductible for divorce settlements reached in 2019 and beyond under the new tax law. However, couples may be able to manage the issue by substituting retirement funds in pretax savings plans in place of alimony.
The Internal Revenue Service has issued new procedures for contributions to charitable organizations, including rules for when donors can rely on information about an organization's tax-exempt status on the IRS database Tax Exempt Organization Search, which has replaced the print version of the list, IRS Publication 78, Cumulative List of Organizations Described in § 170(c).
Leaders should consider whether achieving their goals depends on the actions of other people. Open communication with key stakeholders is crucial to ensure team members understand the value of a particular objective.