Fiscal Cliff

Fiscal Cliff is a non-technical economic term used popularly to describe a series of tax increases and mandatory budget cuts set to occur at the beginning of 2013.  The term "cliff" refers to the... more +
Fiscal Cliff is a non-technical economic term used popularly to describe a series of tax increases and mandatory budget cuts set to occur at the beginning of 2013.  The term "cliff" refers to the idea that such increases and cuts would be catastrophic to the fragile economy and consequently, force the economy off of a metaphorical cliff. less -
News & Analysis as of

Brindisi Tax Academy -- 2013 Year-End Tax Update

I. A Look Back At 2013 Tax Matters, “Gangnam Style” - A. Some Random Observations. - 1. When we penned last year’s Update for you, dear reader, this fair country of ours stood six feet from the edge of the “...more

What are the new estate planning rules after our fall off the fiscal cliff?

Now that the fiscal cliff nightmare has passed, many families are wondering how the whole debacle finally shook out. Did Congress actually avert a crisis or does the deal spell doom for those with a sizable estate?...more

Beyond Tax Reform Jujitsu: Getting to ‘Yes’

Congress and the administration can still achieve the first major overhaul of our nation’s tax laws in nearly 30 years; such reform could occur with or without an agreement to enact fundamental entitlement spending...more

The Fallout from the American Taxpayer Relief Act – What a Relief?

Because the media cycle moves so quickly these days, you may have already forgotten about the frantic last few days of 2012, during which Congress and the White House worked feverishly to save us all from going off the...more

Have You "Begun Construction"? IRS Issues Guidance for Renewable Energy Tax Credits

On April 15, 2013, the Internal Revenue Service ( IRS) issued much - anticipated guidance that will help developers of wind, solar, biomass and certain other renewable energy facilities qualify for federal renewable energy...more

Construction E-Note - March 28, 2013

In This Issue: - The Emperor’s New Economic Loss Rule - The Architect's Role in the Construction Project - USCIS Introduces New Form I-9 - Considering Construction Delivery Methods on Public Works - The...more

Estate, Gift, and GST Taxes in 2013: American Taxpayer Relief Act of 2012 and Other News (Oregon)

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on Jan. 2, 2013, avoiding dramatic changes to tax exemptions and tax rates on transfers subject to federal estate, gift, and generation-skipping...more

Insight on Estate Planning - February/March 2013

In This Issue: - Fiscal cliff deal brings some certainty to estate planning - Strong governance enhances a family business’s value - Should you donate life insurance to charity? - Estate Planning Pitfall -...more

Health Care Issues Poised to Take Front and Center in the 113th Congress

Health care issues dominated much of President Obama’s first term. Even after Congress passed the Patient Protection and Affordable Care Act (“PPACA” or “health reform law”) (Pub. L. 111-148, 111-152), the Supreme Court...more

Insight on Estate Planning - February/March 2013: Fiscal cliff deal brings some certainty to estate planning

Congress’s eleventh-hour deal to avert the “fiscal cliff” produced the American Taxpayer Relief Act of 2012 (ATRA). The act focuses on income taxes, but it also provides much-needed certainty for people engaged in estate...more

Auto Notes -- February 2013

In This Issue: "Insuring Your Dealership: Do I Really Need Garage Liability and Garagekeeper's Insurance?" and "The American Taxpayer Relief Act"...more

Termination of Credit Shelter Trusts

As discussed in a previous article, due to higher estate tax exemption, certain trusts previously established for purposes of avoiding estate taxes under the estate plan of a predeceased spouse may no longer be necessary in...more

Estate Planning After the American Taxpayer Relief Act

Congress adopted the American Taxpayer Relief Act (the Act), effective January 1, 2013. The Act made permanent tax rates and exemptions for estate, gift, and generation-skipping transfer (GST) taxes. Prior laws incorporated...more

Estate Planning Considerations: Documentation and Peace of Mind

With the introduction of the American Taxpayer Relief Act of 2012 (Act), the world of estate planning has been injected with a dose of certainty after more than 10 years of uncertainty as to federal estate, gift and...more

Wills, Trusts and Estates Newsletter - February 2013

In This Issue: - How to Protect Your Assets as a Business Owner - Separated But Not Divorced: Don’t Wait to Update Your Estate Plan - Tales from the Cliff: Estate Planning Policy for 2013 and Beyond -...more

Alert: Estate Planning - January 2013

For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more

Tax Reform and the Oil and Gas Industry by Michael A. Andrews

A great deal of attention been focused on the generous tax incentives for the renewable energy industry that were added to the "fiscal cliff " legislation during the closing hours of negotiations. Those provisions have a net...more

Washington Insight - January 2013

In This Issue: - President Obama Sworn in for a Second Term - 113th Congress Underway - More Fiscal Challenges in Store - Cabinet Re-Shuffle - A Game of Musical Chairs - Tax Reform and...more

American Taxpayer Relief Act of 2012: Expanded Roth Conversions and Other Benefit and Retirement Related Provisions

On January 2 , 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) (the “Relief Act”) into law. While the principal intention of the Relief Act was to avert the key elements of the “fiscal cliff” by...more

American Taxpayer Relief Act Of 2012 - The Effects On Charitable Giving

In This Issue: - Major Tax Provisions Relating to Charitable Organizations - Other Law Changes Affecting Charitable Contributions - Excerpt from Major Tax Provisions Relating to Charitable Organizations: The...more

Tax Reform – The Next Installment: Reforming the Taxation of Financial Instruments

After the fiscal cliff deal failed to include a framework for comprehensive tax reform, many in Washington predicted that the momentum for tax reform would wither away. Although Congress has many important issues on its...more

Fiscal Cliff Legislation Expands In-Plan Roth Conversion Opportunities

American Taxpayer Relief Act extends the existing, limited in-plan Roth conversion option to all amounts under plans that allow elective deferrals, including those amounts not yet eligible for distribution. The American...more

Quarterly Investment Update – 4th Quarter 2012 Trust & Investment Services

In This Issue: - Economic Review & Outlook - Bond Market Review - Bond Market Outlook - Stock Market Review - Stock Market Outlook - Overview Of Washington Supreme Court Decision - Estate Tax Impact Of...more

Tales From The Cliff: Estate Planning Policy For 2013 And Beyond

For those of you watching Congress as 2012 came to a close and wondering what would happen to the economy if we fell off the dreaded “fiscal cliff,” you may feel as though you lost a lot of sleep over nothing. Congress...more

113th Congress Underway by Thomas J. Spulak

The 113th Congress opened this week. In many ways, however, it began in the long shadow of the 112th Congress, which ended on January 3. Numerous issues were either left unresolved or only partially addressed, requiring...more

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