Tag Archives: Legislation
Want to Reduce Your Estate Tax? Plan Now to Take Advantage of Recent Legislative Changes
Uncertainty complicates planning. Sometimes, if we’re lucky, it also generates windows of opportunity.
Last December’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) changed the rules for gifting and estate planning. It temporarily extended a number of expiring tax provisions while also establishing new, albeit temporary, provisions.
The result is a new opportunity for gifting and estate planning.
However, because the Tax Relief Act’s provisions expire after 2012, you only have two years to take advantage of new (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services, Uncategorized
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax
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Want to Make a Tax-Free Donation to Charity from Your IRA for 2010 or 2011?
There aren’t many do-overs when it comes to your taxes. Generally, if you miss a tax deadline or a tax provision expires, you’ve lost an opportunity.
Last year’s Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) provides an exception.
The Act temporarily extends a tax provision that allows you to make IRA distributions directly to qualified charities―a provision that originally expired after 2009.
The Act extends the IRA-to-charity provision for 2010 and 2011 only. However, because the extension wasn’t enacted until (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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Know the Federal Tax Deductions and Limits for 2011?
As late as December, it appeared that 2011 would usher in big changes to the federal income, estate and gift tax rules.
Then Congress passed, and President Obama signed, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act).
The Tax Relief Act extended a number of expired and expiring federal tax benefits and credits, reducing the number of federal tax changes for 2011. Most, but not all, of the federal inflation-adjusted tax amounts for this year are also unchanged.
Quick Reference (continue reading…)
Posted in Tax Services
Tagged Business Tax, Compensation, Estate + Gift, IRS, Legislation, Operations, Personal Tax, Tax Credits + Incentives
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Benefiting from the Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010?
Calling it “how we’re going to spark demand, spur hiring and strengthen our economy,” President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (Tax Relief Act) on December 17, 2010.
The new law includes temporary provisions to extend a broad range of currently expiring or expired tax rates and benefits, as well as changes to the expired-for-2010-only federal estate tax.
There are no revenue offsets as Congress circumvented PAYGO budgeting rules by designating each provision of the Act (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group
Tagged AMT, Business Tax, IRS, Legislation, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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Qualify for Washington State’s Tax Amnesty Program?
Washington Governor Chris Gregoire has signed into law the state’s first ever tax amnesty program, intended to generate as much as $28 million in revenue.
It’s an approach that 46 other states have tried successfully at least once since the 1980s. During the last two years, 16 states have used amnesty programs to generate $1.4 billion in revenue.
According to Tremaine Smith, Interim Director of the Washington State Department of Revenue (DOR), “We know that many businesses are struggling due to circumstances (continue reading…)
Receiving Rental Income from a Residential or Commercial Property?
It’s been all over the news: Congress, as a revenue raiser in its health care legislation, dramatically expanded Form 1099 reporting requirements beginning in 2012.
Now, after a wave of negative comments, they’re having second thoughts and may very well change or rescind the expanded rules.
Lost in the discussion is a much smaller change to the 1099 reporting requirements, enacted as part of this year’s Small Business Jobs Act. Real property owners―businesses and individuals―who receive rental income will be required to file (continue reading…)
Posted in Closely Held + Family Business Practice, Real Estate Group, Tax Services
Tagged Business Tax, IRS, Legislation, Personal Tax
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Affected by the Repeal of Taxes on Candy, Gum, Bottled Water and Carbonated Beverages?
Posted in Distribution + Light Manufacturing Group, Hospitality, Restaurant + Lodging Group, Retail Group, Tax Services
Tagged Legislation, State + Local Tax
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Is Your Investment Portfolio Ready for Year-End?
Someone once told me that what I thought was a blessing, “May you live in interesting and exciting times,” is actually considered a curse. These days, I believe it.
Take the stock market, for example. After rising to an all-time high in the fall of 2007, it had lost more than half of its value by the spring of 2009.
This year, it’s back up significantly. As a result, you may have sold certain investments at a loss earlier this year. But (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Investments, Legislation, Personal Tax, Wealth Planning
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Reminder | Extended Form 990-N and 990-EZ Deadline Approaches
October 15 is the extended filing deadline for certain small charities that are required to file Form 990-N or Form 990-EZ.
Under new rules passed as part of the Pension Protection Act, a not-for-profit organization that fails to file a required annual return with the IRS for three consecutive years automatically loses its federal tax exemption.
It’s known as automatic revocation, and the issue is especially important this year–the third filing deadline after the new filing requirement was enacted.
If your organization’s exempt (continue reading…)
Qualify for New Expensing of Restaurant, Retail and Leasehold-Improvement Real Property?
It’s said that rules are made to be broken. Apparently the maxim holds true for longstanding tax rules, as well.
The Small Business Jobs Act broadened the expensing rules under Section 179 of the federal tax code, which traditionally apply only to depreciable personal property.
Now, for the first time ever―and only for 2010 and 2011―certain real property is eligible for Section 179 expensing. In general, the new expensing option applies to qualifying restaurant property, retail property, and interior improvements made to leased property.
If you’re (continue reading…)
Posted in Closely Held + Family Business Practice, Hospitality, Restaurant + Lodging Group, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
Tagged Business Tax, IRS, Legislation
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