Your Look At Things You Need To Know For Your Thursday

As you face your day, Smile Often, Think Positively, Give Thanks, Laugh Loudly, Love Others ,Dream Big, Remember, Life is like a Camera, Focus on What’s  Important, Capture The Good Times, Develop From The Negative and If Things Don’t Work out, Take Another Shot. Difficult Roads Often Lead To Beautiful Destinations. Don’t Quit.

here’s what you need to know to Get Up to Speed

Doomsday Clock

California wildfires

Today will be another hellish day in the fight against the Southern California wildfires. The winds will be strong, with gusts up to 64 mph. It’s still dry, with humidity at less than 10%. Those conditions, paired with dangerously dry vegetation, mean Los Angeles’ fire danger number will be 296, a record high (165 or higher is considered extreme).

More than 100,000 acres have burned so far in the region. Tens of thousands of people have been evacuated. Nine miles of busy Interstate 405 were shut down as the fires got close. Many schools in LA are closed. And the wildfires are affecting Hollywood, too: Chelsea Handler had to leave her home, and the TV show “Westworld” temporarily stopped production as fire neared its set.

$3.3 billion
That’s how much market value California utility company Edison International has lost since the blazes began Monday. Wall Street fears Edison could be liable for damages if its power lines are found to have started the fires.
Russia investigation
Donald Trump Jr. would not tell House investigators Wednesday what he and his father discussed after reports surfaced about a June 2016 meeting he had in Trump Tower with Russians, citing attorney-client privilege. President Trump and his son had a conversation this summer after Trump Jr. produced emails about his involvement in the meeting, according to Rep. Adam Schiff,  who attended the Wednesday session. At the classified hearing, Trump Jr. acknowledged speaking with senior White House aide Hope Hicks to help craft a response to the initial reports. But Trump Jr. did not provide details about communications with his father and invoked attorney-client privilege because of the presence of attorneys.
Jerusalem
President Trump’s decision to recognize Jerusalem as Israel’s capital — and eventually move the US embassy there — could temporarily derail the Mideast peace process, two White House officials told CNN. Others think it will destroy any chance for peace. Palestinian President Mahmoud Abbas said the move will only aid extremist organizations that want to wage so-called holy wars. The Palestine Liberation Organization called it the “death knell” of the peace process. Regional allies like Saudi Arabia and Jordan expressed disappointment. Trump’s decision isn’t playing well in Europe or Asia, either, with officials in France, Germany, China, Indonesia and other countries all expressing their displeasure.
Australia and same-sex marriage
Same-sex marriage is now legal in Australia. The country’s parliament approved it after a non-binding vote by Australians showed that 61% were in favor. Australia is now the 24th country to allow same-sex couples to marry. The first same-sex weddings there won’t happen until January, at the soonest, though, because all couples in Australia must give a full month’s notice before they can get married.
Entitlements
The GOP tackled the tax code in 2017. Next year, the party sets its eyes on cuts to Medicare, Medicaid and welfare programs. House Speaker Paul Ryan said these entitlements need to be changed in order to “tackle the debt and the deficit.” That comment sparked harsh criticism from the left, including from Sen. Bernie Sanders, who said Ryan “admitted” that Republicans plan to pay for their proposed tax bill — which would increase the deficit by about a $1 trillion dollars — with cuts to social programs that help “vulnerable Americans.”
32
The number of Democratic senators who have called on Sen. Al Franken to resign. Franken, facing multiple sex harassment claims and a Senate Ethics Committee investigation, is set to make an announcement today.

 

#MeToo moment
People were thrilled to see “The Silence Breakers” named Time’s Person of the Year. But social media wondered, what was Taylor Swift doing on the cover?

The great white hopes
Are you a person of color tired of fighting about racism on social media? Relax. Here are some white folks who have your back.

Roll that video
A masked man in an oyster costume singing a rap ballad. Sounds like 2017, alright. Here’s what else we liked on YouTube this year.

A little something extra
The nativity scene at Saint Susanna Parish near Boston is unlike any kind you’ve ever seen because it makes a can’t-miss statement about gun violence.

 

 

 

 

 

 

 

It goes against everything we stand for as a people in this country.

Ralph Fernandez, attorney for the parents of the suspected Tampa, Florida serial killer, says parents shouldn’t be forced to testify against their children. Suspect Howell Donaldson III’s parents aren’t cooperating with police and may be charged with contempt when they appear today before a judge.

 

 

CNN

Courtesy of Mark J Kohler, CPA, Attorney, and Mathew N. Sorensen, Attorney:

The GOP Tax Reform


When the Senate and House finish their “reconciliation” and the new law is signed by President Trump, we’ll give you a detailed summary as to how it will impact you and your business. Until then, no new news and it’s still a moving target.  STAY TUNED…

Upcoming Important Deadlines- 

 

November 1st – December 15: Insurance Enrollment Period …If it’s your time to renew your health insurance or you want to change your health care strategy this is your chance. For more information on possible strategies, watch my annual Health Care Webinar.

December 31st –  ROTH Conversion Deadline…If you want to ‘convert’ some IRA money to ROTH you have to do it by Dec 31…however, keep in mind you can always undo it by the time you file your return. Hazy on the reasons why a ROTH is awesome read this.

 

December 31st –  Health Reimbursement Arrangement payment Deadline…If you had an HRA in 2017, you have to reimburse your employees/spouse or yourself before the December 31st if you want the write-off. The max contribution is 10k and if you need a refresher check out this article.

FREE Webinar Thursday: LIVE Year-end Tax Strategy Session… EVERY Attorney and CPA in my office will be joining me on this Live Webinar to discuss ANY and ALL Year-end tax strategies we know!! Details:
        – 4pm this Thursday, December 7th
        – Register at this GoToWebinar Link HERE.
        – Downloadable PowerPoint during session
        – LIVE Webcam, Screen Share and taking questions throughout the Webinarl!!
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Republicans seek agreement with Republicans on tax overhaul, May faces a deadline, and world leaders warn on Trump’s Jerusalem move.

Compromising

House and Senate Republicans continue their work on a compromise tax-overhaul plan which they aim to have on President Donald Trump’s desk by the end of the year. Senate Finance Chairman Orrin Hatch said “there is a drive” to fix the corporate tax rate at 22 percent, rather than 20 percent, even though his personal preference is for the lower rate. Hatch is one of the eight senators on the conference committee. Also in Washington, efforts to avoid a shutdown continue, with Trump due to meet leaders from both sides of the aisle later today in an effort to negotiate a long-term budget deal.

Deadline

Time is running out for British Prime Minister Theresa May to achieve a compromise with the European Union that she can sell to her own party and Northern Ireland’s Democratic Unionist Party. One EU official said the cutoff is Dec. 11 at the latest for progress that would take divorce talks to the second round before March of next year. With her own cabinet unable to agree on what they want, and Brexit Secretary David Davis yesterday admitting that his department hasn’t done a sector-by-sector analysis of the effects of leaving the EU, the prime minister is in a very difficult position. Elsewhere in Europe, Germany’s Social Democrats are holding a party convention today to test support for entering a new coalition with Chancellor Angela Merkel, with many rank-and-file members of the party remaining unconvinced of the merits of the idea.

Warning

World leaders warned that Trump’s decision  to recognize Jerusalem as Israel’s capital and relocate the U.S. embassy there risks igniting new violence and could bury any hopes for resolving the long-running Israeli-Palestinian conflict. This morning the leader of Hamas called for a third uprising against Israel saying “Jerusalem is being kidnapped and ripped from us.” The recognition of Jerusalem is a major shift in a long-held U.S. policy on the city, with enduring consequences for regional politics likely.

Markets recover

Overnight, the MSCI Asia Pacific Index added 0.4 percent, while Japan’s Topix index closed 1.2 percent higher as stocks in the region recovered from the recent selloff. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:50 a.m. Eastern Time with material and energy shares the laggards in the region. S&P 500 futures rose 0.2 percent, the 10-year Treasury yield was at 2.346 percent and gold slipped.

Economic data

The final reading of third-quarter GDP for the euro area showed an unrevised 0.6 percent expansion in the period, with consumption and investment the main growth drivers. At 8:30 a.m. weekly jobless claims data is published, giving a last look at the health of U.S. employment ahead of tomorrow’s payrolls numbers. At 3:00 p.m.consumer credit growth for October is released.

Here’s what you should read today

Bloomberg

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