Tag Archives: “ATRA

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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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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Individual Tax Filing Season Set to Open January 30th

With all the changes passed by Congress on January 2nd, the IRS has been hard at it implementing all the changes that effect your tax returns. The IRS recently announced that following the January tax law changes made by Congress … Continue reading

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Summary of American Taxpayers Relief Act Available

We have just published a short summary of the American Taxpayers Relief Act of 2012 (aka Fiscal Cliff Deal) which was passed last week. You can view the summary through the tax planning section of our website or by clicking … Continue reading

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