Fiscal Cliff

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2012 Taxpayer Relief Act For Business & Investments

After weeks of negotiation, Congress has passed the American Taxpayer Relief Act to avert the tax side of the “Fiscal Cliff” and bring some certainty to the Tax Code. Almost all taxpayers are affected by the numerous extensions and modifications. Many popular but temporary tax extenders relating to businesses are included in the American Taxpayer Relief Act. Among them is Code Sec. 179 small business expensing, bonus depreciation, the research tax credit, and the Work Opportunity Tax Credit. This letter provides some highlights of the American Taxpayer Relief Act as it applies to investments and business taxpayers.

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2012 Year-End Tax Planning for Businesses

As 2012 comes to a close, get ready for more sweeping tax changes that will affect your business. In 2010, Congress extended many business incentives for one or two years. These incentives are about to expire. In addition, many of the “Bush-era” tax cuts are scheduled to sunset at the end of 2012. It is unclear if Congress will provide further extensions as they debate across-the-board spending cuts scheduled to take effect in 2013. In addition, businesses must prepare to comply with new healthcare reform, and new exacting repair regulations. This combination of events provides tax planning considerations unique to 2012 that requires a multi-year strategy taking into account a variety of scenarios and outcomes.

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Sunsetting of Bush-Era Tax Cuts

Sunset-Provision-Bush-Tax-Cuts

More election year uncertainty: 2012 began with the fate of the “Bush-era tax cuts” unsettled, and no resolution appears in sight. Rather than just waiting for Congress to act, you should consider implementing certain protective tax strategies now. To maximize benefits, advance planning that considers a number of “what ifs” should be undertaken soon. With budget pressures looming, the likelihood that EGTRRA< and JGTRRA< expiring provisions will be rolled over for one or two more years into 2013 and 2014 is highly unlikely. Therefore, a strategy that accelerates into 2012 whatever tax benefits are currently available deserves careful consideration.

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Year End Tax Planning for Individuals

Individual Tax Planning in 2012 & 2013

Year-end tax planning is always complicated by the uncertainty that the following year may bring. Even with the election behind us, 2012 is one of the most challenging in recent memory for year-end tax planning. A combination of events – including possible expiration of some or all of the “Bush-era” tax cuts after 2012, the imposition of new so-called Medicare taxes on investment and wages, doubts about renewal of tax extenders, and the threat of massive across-the-board federal spending cuts – have many taxpayers asking how can they prepare for 2013 and beyond, and what to do before then. The short answer is to quickly become familiar with expiring tax incentives and what may replace them after 2012 and to plan accordingly.

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Fiscal Cliff

2012 Taxpayer Relief Act For Business & Investments

2012 Year-End Tax Planning for Businesses

Sunsetting of Bush-Era Tax Cuts

Year End Tax Planning for Individuals

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