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Here’s a brief glance at what you’ll find in the February/March issue…
When it comes to taxes, 2012 will likely bring great uncertainty. So to prepare an effective tax plan this year, it’s necessary to look ahead at the many issues in flux. While the presently low income and capital gains rates don’t expire until 2013, taxpayers should immediately consider a wide variety of tax planning strategies — including possibly selling appreciating assets and accelerating income into 2012. This article includes a chart showing the scheduled tax rate changes, while a sidebar notes that the Patient Protection and Affordable Care Act of 2010 will make higher-income taxpayers subject to two new Medicare taxes.
The owners of many companies launch their enterprises with a business plan — a written document outlining the company’s strategic objectives and practical means of accomplishing them. Likewise, many owners leave their businesses via a succession plan, a written document outlining how the company’s ownership should transition. Often, however, these two documents never cross paths, much less join toward a common goal. This article shows how effective mentoring can unite a succession plan with a business plan to great effect.
This issue’s “Moneylines” cites several recent surveys. One measures the confidence of small to midsize business owners regarding their business prospects in the upcoming six months; another shows that many companies are rushing into cloud computing unprepared; and yet another reveals that small to midsize businesses are vulnerable to corruption.
This issue’s “Practical Perspectives” looks at the case of Roxanne, who discovered that her ex-husband had failed to report thousands of dollars in income and the two owed the federal government a substantial sum in back taxes, interest and penalties. But her advisor explains that she could find recourse under Section 6015 of the IRS Restructuring and Reform Act of 1998, better known as the “innocent spouse rules” — though it wouldn’t be easy.
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