Archive for the ‘Practice Tips’ Category

Year-End Planning

Tuesday, November 20th, 2012

Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. If Congress doesn’t take action, the federal estate tax rate will increase from 35 percent to 55 percent and the exclusion amount will drop from $5,120,000 to $1,000,000. Planning for these likely tax changes is a major undertaking and many [...]

Overview of the Tax Provisions in the 2010 Tax Relief Act

Monday, December 20th, 2010

The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and [...]

Year-End Tax Planning Checklist

Friday, November 5th, 2010

Dear Client: The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it’s still too early to know exactly how this will affect open tax issues for 2010 and 2011. Specifically, when the “lame-duck” Congress returns this month, it [...]

Tax Changes Affecting Small Businesses in the Health Reform Legislation

Friday, April 9th, 2010

For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business [...]

Key Tax Changes Affecting Individuals in the Health Reform Legislation

Wednesday, April 7th, 2010

Individual mandate. The new law contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty after 2013. Under the new law, those without qualifying health coverage will pay a tax penalty of the greater of: (a) $695 per year, up to a maximum [...]

Business Changes in the HIRE Act

Thursday, March 25th, 2010

Payroll tax holiday and up-to-$1,000 credit for employers who hire unemployed workers. To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector employer that hires a worker who had been unemployed for at least 60 days from having to pay the employer’s 6.2% share of the Social Security [...]

Recent Developments that May Affect Your Tax Situation

Friday, January 15th, 2010

The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to [...]

Tax Changes for Businesses in the “Worker, Homeownership, and Business Assistance Act of 2009″

Thursday, November 12th, 2009

The Worker, Homeownership, and Business Assistance Act of 2009 (the Act), which was signed into law on Nov. 6, 2009, makes it easier for most businesses to get immediate tax savings from net operating losses (NOLs). It does so by allowing certain NOLs to be carried back to earlier, more profitable years. In these tough [...]

What Planning Should I Consider Before Year-End?

Wednesday, November 11th, 2009

Many of the methods of minimizing taxes must be completed prior to year end. Income Taxes – In order for charitable and other expenditures to be included as itemized deductions, they must be remitted prior to December 31. Be aware that many professional fees, including the cost of developing and implementing a trust for estate [...]