Tag Archives: ATRA 2012

Georgia & South Carolina Do Not Adopt American Taxpayer Relief Act

If this tax season does not get more confusing.  Georgia, South Carolina and a number of other states have not adopted legislation to conform with Federal Law, specifically the American Taxpayer Relief Act passed on January 2, 2013. Georgia & … Continue reading

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New ROTH Conversion Rules

Almost buried in the recently enacted American Taxpayer Relief Act of 2012 is a pension provision that removes many of the limitations on making a qualified rollover from a qualified plan to a designated Roth account in an “in-plan Roth … Continue reading

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Corporate Electronic Filing System Opens

The IRS officially opened the electronic filing system for corporations and partnerships last Monday. There is still a long list of forms that need to be approved before we can file all returns.  Unfortunately, the unapproved forms effect the majority … Continue reading

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Still no word from IRS on Business Tax Return Filing Timeline

On Wednesday the IRS began accepting most individual tax returns and opened their electronic filing systems. Unfortunately, the IRS has still not indicated when they might be ready to accept partnership and corporate tax returns.  There are some key forms … Continue reading

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Simplified Home Office Deduction Next Year?

The IRS, in an attempt to ease the burden on small business, has introduced procedures to significantly simplify the home office deduction rules.  These rules, pending comment and final approval, would be effective for the 2013 tax year. Under the … Continue reading

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Transition Rules for IRA Charitable Distributions

The American Taxpayer Relief Act of 2012 (“ATRA”) reinstated the rules for 2012 and 2013 that allow taxpayers who are at least age 70 1/2 to transfer, tax free, up to $100,000 to a qualified charity.

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Estate Portability Made Permanent

Prior to 2011, if a person passed away with less than the amount of estate exclusion amount any unused portion of the exemption was lost. Starting in 2011, Congress allowed those people who passed away with less than the estate … Continue reading

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Estate Tax Rate Raised to 40%

The American Taxpayer Relief Act of 2012 not only made the estate and gift tax exemption amount permanent and indexed,but it also increased the maximum tax rate that is applied to excess transfers. The Act changes the top rate to … Continue reading

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Estate Tax Exemption Made Permanent and Indexed

With the passage of the American Taxpayer Relief Act of 2012, Congress made the exemption amount for estate, gift and generation skipping tax permanently set at $5 million.  The $5 million is indexed for inflation starting in 2013. We project … Continue reading

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Qualified Small Business Stock Exclusion is BACK

Very few things get an accountant excited, but this is one of them. Congress previously passed a law that allowed a taxpayer that acquired original issued C Corporation stock of a qualified small business to excluded up to $10 million … Continue reading

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