March 2013 On March 1, 2013, $85 Billion in automatic reductions in federal spending occurred as mandated by federal law. The automatic budget cuts are known in the parlance of the Beltway as “sequestration.” For issuers of...more
If Congress and the White House do not reach a deal on the sequestration, employers with federal contracts should be prepared to take immediate action to deal with drastic cuts in government spending that will result....more
Current reports from Congress suggest that “sequestration” will likely take effect as early as March 1, 2013. The sequestration is a key part of the Budget Control Act of 2011, which requires the federal government to...more
Last week another marketplace deadline came and went, Illinois became the 21st state approved to operate a health insurance marketplace, and U.S. senators pressed the HHS official responsible for the bulk of exchange...more
In late night action on December 31, 2012, the American Taxpayer Relief Act of 2012 (ATRA) was passed by the Senate and finalized days later by Congress and the President with a set of tax and spending policy provisions...more
THE LEGISLATION - Following a day of tumultuous House Republican caucus deliberations, at 11:00 pm, the House passed The American Tax Relief Act of 2012, a cliffhanger deal negotiated by Vice President Biden and Senate...more
Automatic spending cuts and tax hikes are set to go into effect Jan. 1, absent a compromise over the budget, and consumers are worried about the impending “fiscal cliff.” President Barack Obama and Republican...more
As of this writing, it’s difficult to speculate as to what U.S. income tax rates will be in the year 2013. This has become especially apparent due to the effect of the so-called “fiscal cliff” and the results of the November...more
Now that the presidential election is over much of the national chatter has shifted to the “fiscal cliff” looming at the end of the calendar year when the terms of the Budget Control Act of 2011 are scheduled to go into...more
Clients that have issued, underwritten or purchased certain Build America Bonds, Qualified School Construction Bonds, Qualified Energy Conservation Bonds, Qualified Zone Academy Bonds and Clean Renewal Energy Bonds should be...more
As we wind up year 2011 and consider year-end tax planning, there may be an added incentive to accelerate your long-term gift planning to the end of 2011 instead of waiting until 2012. The so-called Super Committee may be...more
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