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President Donald Trump said there will not be changes to tax-deferred retirement savings plans under his proposed tax plan, shooting down reports that House Republicans were considering tweaking or capping one of the most popular breaks.
KPMG has released its 2018 Personal Tax Planning Guide with information about the current tax laws and guidance to help privately held businesses, business owners and their families deal with the uncertainty of upcoming tax reforms.
Taxpayers who have decided to convert a traditional IRA into a Roth IRA may be wondering if they should take the plunge now and pay tax on the conversion this year, or wait till next year when tax rates may be lower under the reform plan Congress will reportedly consider this fall.
The Internal Revenue Service streamlined the rules to make it easier for 401(k)s and similar employer-sponsored retirement plans to make loans and hardship distributions to storm victims and members of their families.