Tag Archives: Taxpayer Relief Act of 2012

2013 Tax Developments – So far….

2013 has been a fairly active tax year so far.  We thought it would be beneficial to summarize the major changes that may affect you, your family, your investments, and your livelihood.

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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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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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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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