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Year-End Tax Planning<=
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2'> Accelerate capital gains and income? Defer capital
losses and deductions? This year it may be necessary to re-think standard=
year-end
tax planning given scheduled, but still uncertain, increases in future tax
rates.
(Click
To Read More) Worker Classification: The Next Big T=
ax The IRS has a National Research Project (NRP) under=
way
to audit 2,000 randomly selected employers during each of the next three
years; these are extensive audits designed to determine compliance and fu=
ture
audit guidelines in the employment relationship with employees and
independent contractors (IC). Even though we have no estate tax currently in 2010=
, it
is very likely that it will be coming back with an exemption level possib=
ly
as low $1 million. For those with sizable estates, now may be an
opportune time to proactively plan for your estate with record low intere=
st
rates that apply to estate planning vehicles and extremely low valuations=
on
assets. Investors: Get Ready for Changes in Tax Simpl=
ification
is generally a good th=
ing,
particularly when it comes to taxes and investments. And as of January 1,
2011, figuring out the cost basis and subsequent tax bill on investments =
will
get easier. Here's an explanation of how a law passed a couple years ago =
will
apply to various types of securities. (Click To Read More) |
The administration and Congress are concerned that =
the
US multinational corporations are reducing their US taxes by shifting inc=
ome
abroad to affiliates in low-tax jurisdiction. Foreign tax credit reform
measures were incorporated into HR 1586 signed into law on August 8, 2010=
. Pursuant to the Worker, Homeownership and Business
Assistance Act of 2009, BT will be required to electronically file all
individual income tax returns filed after December 31, 2010. Small Business Jobs Act of 2010 =
On September 27, the President signed into law a nu=
mber
of important tax provisions for business and individuals. See the attached summary. The Future of Georgia’s Tax System Changes to Georgia's tax structure may be on the
horizon. Governor Sonny Perdue signed a measure creating a Tax Code Study
Commission. Trips to the bank to make federal tax payments with
8109-B coupons will soon be a thing of the past. The IRS issues proposed
regulations that would require all federal tax deposits to be made
electronically using EFTPS after December 31, 2010.Roth IRA Conversions A Roth IRA conversion is an opportunity to remove
retirement dollars from the income tax system for the benefit of your hei=
rs
for the next 40 plus years and get an estate tax benefit as well. |
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