Since the enactment of the Economic Growth and Tax Relief and Reconciliation Act of 2001 ("EGTRRA") up until the enactment in December 2012 of the American Taxpayer Relief Act of 2012 ("ATRA"), estate planners have had to plan around tax provisions that were expressly stated to be temporary in nature. ATRA has now provided rules governing the estate tax, the gift tax, and the generation skipping transfer tax ("transfer taxes") that are, at least according to ATRA, permanent (i.e., not subject to "sunsetting" at some fixed date in the future).
With the Budget Sequester still set to take effect on March 1, 2013, unless Congress acts to again "kick it down the road", both Republicans and Democrats are trying to position themselves as the voice of reason.
The Internal Revenue Service (“IRS”) and the Department of Labor (“DOL”) continue to issue guidance to employers regarding those provisions of the Patient Protection and Affordable Care Act of 2010 (“ACA”) which are scheduled to become effective for 2013 and 2014.
By enacting the American Taxpayer Relief Act of 2012, Congress managed to avert, at the last minute, the "Fiscal Cliff". Unfortunately, this legislation left many issues unresolved.
As the United States was leaning over the edge of the "Fiscal Cliff", the Senate and the House passed the American Taxpayer Relief Act of 2012 (H.R. 8) on January 1, 2013, with President Obama signing the legislation into law on January 2, 2013.
As we get closer to January 1, 2013 and the looming "Fiscal Cliff", Congress and President Obama are stepping up their negotiations in an attempt to reach some sort of agreement. As of the date of this article, there is still no agreement. However, Congress has already decided to work through the week of December 17 in an effort to hammer out an agreement on the pressing tax and spending issues.
UHY Advisors’ Managing Director Frank Fenello was recently interviewed by Rob Stadler on Star94 in Atlanta, and provided some clarity about the realities of the fiscal cliff and what it could mean for individuals and businesses in the near future.
Managing Director Frank Fenello’s interview on the implications of the Fiscal Cliff on WSB radio in Atlanta.
UHY LLP, a leading certified public accounting firm, is hosting its annual Tax forum at the MSU Management Education Center in Troy on Wednesday, December 5. This complimentary half-day program addresses the latest tax laws, trends and developments impacting both individuals and businesses. CPE credit will be offered.
UHY LLP, a leading certified public accounting firm, is hosting its annual Accounting & Regulatory Update at the MSU Management Education Center in Troy on Wednesday, December 5. This complimentary full-day program is geared towards CFO’s, audit committee members and chairs, to learn more about the latest accounting, regulatory, legal and SEC updates. CPE credit will be offered, including an hour of ethics.