On February 26, 2014, the House Ways and Means Committee Chairman Dave Camp (R-Mich.) released draft legislation called the “Tax Reform Act of 2014” (“Draft Legislation”).
While many are discussing the significant tax impact on individuals resulting from the American Taxpayer Relief Act (ATRA), there are a several important provisions affecting businesses.
There are two components of the 2010 health care reform law that add additional Medicare taxes for high income taxpayers; a .9% increase in the Medicare tax on wages and self-employment income, and a 3.8% Medicare tax on investment income.
The American Tax Relief Act of 2012 extends for two years, through December 31, 2013, the provision allowing tax-free distributions from individual retirement accounts to public charities, by individuals age 70½ or older, up to a maximum of $100,000 per taxpayer per year.
If you employ someone to work in or around your home, age 18 or older, and pay them wages of $1,800 or more in 2012, you may be a household employer.
Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative.
Are you an executor of an estate? The legal and tax ramifications can be daunting. However, Congress has provided some relief from the burden of taxation.
You may have heard that the federal estate and the generation-skipping transfer taxes have been temporarily repealed in 2010. Your estate planning documents have been prepared to ensure that your family and financial goals are met after you die. The estate planning documents tell everyone exactly where you want your assets distributed.