Posted on January 08, 2013
There is much confusion and misinformation about the impact of the “fiscal cliff” tax law on charitable giving. Witness this tweet from Ari Fleischer, former press secretary for President George W.
Posted on August 22, 2012
The estate tax "portability" provision, which was a part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, allows a surviving spouse to benefit from the unused exclusion from their spouse's estate. A recent IRS notice provides guidance with respect to an estate where the deceased has died before July 1, 2011.
The portability provision all but eliminates the need for spouses to retitle property, create trusts or use other estate planning maneuvers to solely protect property from incurring additional tax liability after the death of a spouse.
Posted on July 10, 2012
President Obama’s federal health care law requires almost everyone to be insured and ensures coverage be made available to those if they are already ill or need expensive care. The ruling clears the way for a large restructuring of the health care system and affects virtually every American. How will health care reform be paid? It will be financed in large part by tax increases on the “wealthy”.
Here is a look at some of the tax provisions in the health care law and some things to think about with respect to tax planning:
Posted on April 18, 2012
Below are the recently announced Applicable Federal Rates (AFR) for May.
Short-term 0.28% 0.28% 0.28% 0.28%
The Section 7520 rate is 1.6%
Posted on March 20, 2012
Is it déjà vu and will 2012 be a repeat of 2010? It was less than two years ago when the United States Congress, faced with an election year and a pre-mandated reversion of the tax laws to those in place in 2001, “kicked the can” down the road and extended the Bush tax cuts to 2013. In the process of avoiding the politics associated with meaningful tax reform, Congress actually temporarily made more favorable the estate tax laws with the caveat that these also would be subject to the 2013 sunset reversion.
Posted on March 19, 2012
Taxpayers and their accountants are in the middle of “Busy Season” and one of the messages they are hearing is that even ignoring the unknown and potential income tax law changes that may come about later this year, clients need to plan for the “Medicare surtax” that will come into play in 2013. As you know Obamacare was in part funded by the passage of increased payroll and Medicare/income taxes that become effective in 2013.
Bernie Kent's Forbes.com Blog Post: "Why You Need To Do Your Year-end Capital Gains Tax Planning Now"Posted on March 14, 2012
I usually advise investors to wait until yearend before making any tax motivated decisions regarding capital gain or loss recognition. Tax law changes at the end of the year could affect the rates for the current and/or subsequent years. Also, capital gains and losses could be dramatically affected by market forces during the year. These factors become clearer as yearend approaches. This year may be different. Potentially significant changes in the tax rate on capital gains after 2012 suggest a more proactive capital gains strategy starting now.
Posted on February 16, 2012
Finally, an op-ed article on tax policy in The New York Times that isn’t horribly flawed! In a piece last week entitled “The Zuckerberg Tax”, tax attorney David Miller proposes a new tax on the ultra-rich. He would apply the tax to taxpayers whose income exceeds $2.2 million or who own publicly-traded securities worth more than $5.7 million.
Posted on February 13, 2012
A Buy-Sell Agreement (“BSA”) is a legally binding contract in the which the owners of a business establish when, to whom and at what price an owner can sell his or her interest in a business. BSA’s are a necessary element of any solid business plan in order to provide a smooth continuation of a business after the occurrence of a triggering event. BSA’s are also a valuable estate planning tool to provide liquidity needed for payment of a deceased owner’s estate taxes.
Join Our Mailing List