Tag Archives: #fiscalcliff

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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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 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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Section 179 Depreciation – Safe for at least 1 more year

In general, under Code Sec. 179, a taxpayer, can elect to deduct as an expense, rather than to depreciate, up to a specified amount of the cost of new or used tangible personal property placed in service during the tax year … 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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R&D Credit Back and Better

For those of you effected, you know that the “Research Credit” (also know and the R&D Credit or Research & Development Credit) expired at the end of 2011. The 2012 Taxpayer Relief Act retroactively extends the research credit for two … Continue reading

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AMT Patched……Permanently

One of the hardest things to do is try to explain Alternative Minimum Tax (“AMT”) to a taxpayer.  This has become more difficult with Congress not setting the exemption amount (commonly referred to as the AMT Patch) until the last minute. Retroactively … Continue reading

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