news: Tax & Business Updates
Midyear Tax Planning MemoAlthough this year is half over, we’ve already seen legislation with major tax changes, and more are almost certainly on the way. Despite confusion created by the never-ending changes, the 2010 federal income tax environment is still quite favorable. However, we may not be able to say that for 2011 and beyond. Therefore, tax planning actions taken between now and year-end may be more important than ever. Lifetime Gifts Are an Effective Estate Planning StrategyIt’s an odd year for estate planning. As of this writing, the 2010 estate and generation-skipping transfer (GST) tax repeal still stands. And both taxes are scheduled to return in 2011 — at their pre–tax cut top rate of 55% and with exemptions significantly smaller than in 2009. Meanwhile, Congress might take action — or it might not. Although this has given rise to much estate planning uncertainty, making lifetime gifts is still an effective strategy. A Heads-Up on Health Care ReformHow it could affect your businessLike most business owners, you probably followed the health care reform debate closely, waiting for some kind of resolution. Well, as you undoubtedly know, on March 23 that resolution arrived (in a manner of speaking) as the president signed into law the Patient Protection and Affordable Care Act (PPACA). 2010, 2009. 2008, 2007 Archived Updates Related LinksTax Services | Tax Planning Find out how our tax and business expertise can add value to your business. Email us or call us at 1 (888) 875-9770.
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