Related Articles


2014 Year End Planning: What to Know and How to Prepare

Once again, the time approaches to review tax strategies from the past and revise them for the future; however, due to a midterm election and rash of late legislation, this year will pose unique challenges for individuals and businesses alike.

Tax Implications of the President's 2015 Budget Proposal

On March 4th, 2014, President Obama released his proposed budget for the 2015 fiscal year. The proposal included numerous tax benefits for both individuals and businesses. However, there are other provisions of the proposal that reduce or eliminate other benefits or alter previously “permanent” tax credits, deductions, or deferrals.

Same-Sex Couples: IRS Provides Additional Guidance on Tax Implications

On June 26th, 2013, the Supreme Court found the Defense of Marriage Act (DOMA), the law barring the federal government from recognizing same-sex marriages legalized by the states, unconstitutional. As a result of this ruling, the Internal Revenue Service has announced full recognition of same-sex marriages for federal tax purposes even if the state in which they are domiciled does not recognize the validity of same-sex marriages.

New Fiscal Cliff Legislation Will Affect Many Taxpayers in Coming Years

As you may have already heard, the foreboding “Fiscal Cliff” was narrowly avoided recently with the passing of legislation on January 1, 2013. The legislation, titled the American Taxpayer Relief Act, allows Bush-era tax rates to sunset for individuals in the top tax brackets; permanently patches the alternative minimum tax (AMT); revives expired or expiring tax extenders; provides for a maximum estate tax of 40 percent with a $5 million exclusion; and delays sequestration. Here we outline some of the most impactful changes brought about by this federal legislation.

Changes to Estate, Gift, and Trust Tax Rules for 2010 to 2012

Estate, Gift and Trust tax rules have changed for 2010, 2011, and 2012.

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