What Individuals and Businesses Need to Know About the American Taxpayer Relief Act
Tax Questions to Ask Yourself with the End of 2012 and the Fiscal Cliff Approaching
The House of Representatives Joint Committee on Taxation released its highly anticipated synopsis of the colloquial “tax bill.” Bill JCX-43-21 is the latest piece of legislation in a flurry of recent legislative activity...more
On April 28, President Biden announced the American Families Plan. The American Families Plan is touted as an investment in America’s children and families – helping families cover basic expenses that so many struggle with...more
Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. ...more
Yesterday the Trump Administration announced the outline of its tax reform proposal. The proposal combines elements of President Trump’s original tax reform proposal announced during the campaign and of the House Republicans’...more
As we noted in a prior Estate Planning Update, 2013 brought with it a new 3.8-percent Medicare Contribution Tax on net investment income (interest, dividends, annuities, royalties, rents, capital gains, and passive activity...more
Beginning in 2013, Section 1411 of the Internal Revenue Code imposes a 3.8% “net investment income tax” (“NIIT”) on the net investment income (a specifically defined term) of individuals, estate and trusts that have income...more
In This Issue: - New 3.8% Medicare contribution tax: Do you know how to reduce or eliminate your liability? - Estate planning for adopted children and stepchildren - Shipping your trust over the state line to...more
One of the funding mechanisms for health care reform is a new 3.8% Medicare contribution tax on net investment income (NII) going into effect this year. The tax applies to higher-income individuals as well as to trusts and...more
Effective January 1, 2013, the American Taxpayer Relief Act of 2012 (“ATRA”) was enacted into law, finally settling years of debate over the fate of the Bush era tax cuts. On the same day, the 3.8% Medicare Tax on net...more
With a new year comes a new beginning. While New Year’s Day is typically viewed as a chance to start fresh and make changes in our personal lives, for many people New Year’s Day in 2013 took a different tone. Instead of...more
On March 23, 2010, President Obama signed into law the health care reform bill, the Patient Protection and Affordable Care Act. This legislation, along with the Health Care and Education Reconciliation Act of 2010, makes...more
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. Summarized below are highlights of those and other changes to Federal tax laws affecting income, payroll, gift and estate, and...more
As you likely have heard, the President signed the American Taxpayer Relief Act (H.R. 8) (the "Act") on January 2, 2013. The Act, popularly known as the "fiscal cliff" legislation, permanently extends the Bush era tax cuts...more
The bill passed by Congress on January 1, 2013, to avoid the “fiscal cliff,” which is expected to be signed into law by President Obama shortly, permanently extends the favorable gift, estate and generation-skipping transfer...more
In This Edition: - Year-end Deadline for Correcting Section 409A Deferred Compensation Arrangements That Condition Payment on an Employee Release or Covenant: By December 31, 2012, all deferred compensation...more
On November 30, 2012, the Internal Revenue Service ("IRS") released proposed regulations and two sets of frequently asked questions implementing two new Medicare taxes under the Patient Protection and Affordable Care Act...more
With the fiscal cliff approaching in 2013, several favorable tax provisions affecting individuals and businesses are set to expire. Given this uncertainty, employers must prepare for changing payroll taxes and new limits on...more
In This Issue: Year-End Tax Planning - Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by...more
The Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) institutes a new 3.8 percent Medicare surtax on net investment income effective January 1, 2013. In addition, absent congressional action to extend...more
A. Overview - Part I of this series focused on the impact of impending tax increases following the Presidential Election for corporate executives and salaried professionals. Part II of the series will focus on...more
Ready, set, go! Following the Presidential election last night, the race is on for year-end tax planning and bracing for the fall off the fiscal cliff. While no one can tell exactly what the tax outcome will be after...more
Originally published in Tax Management Estates, Gifts, and Trusts Journal, x, 11/08/2012. OVERVIEW - The current tax environment suffers from a lot of economic and political uncertainty. The general consensus...more
As the effective date for the tax increase approaches, employers and payroll service providers should evaluate their obligations and prepare policies for compliance. In June, the Internal Revenue Service (IRS) issued...more
The end of 2012 may bring unexpected and adverse changes formany taxpayers due to the scheduled December 31, 2012, expiration of a number of tax cuts. Because most of these tax cuts have been in effect since 2001, many...more
Health care reform creates new taxes, which you may be unaware of and yet still liable for. In 2012, there is a new tax imposed under the 2010 Health Care Act, as amended by the 2010 Health Care Reconciliation Act. This new...more