When private equity or venture capital fund principals and managing partners look to roll out a new fund, in addition to reconciling general fund formation issues, they should consider the personal-planning opportunities...more
A debtor, regardless of state residence, can seek protection from his or her creditors in the federal bankruptcy courts. However, the state in which the debtor resides or, more accurately, is "domiciled," will determine which...more
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
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
Dear Clients and Colleagues:
This letter provides you with a summary of the American Taxpayer Relief Act of 2012 (the “Act”) with respect to the key estate and gift tax provisions, and presents some thoughts on wealth...more
As 2012 drew to a close, your estate planning attorney's attention was diverted from the ball drop in Times Square to whether Congress would drop the ball with respect to the fiscal cliff. Congress, however, passed the...more
Table of Contents:
Remember to file your gift tax return and other follow-up related to 2012 gifts; Review estate plans in light of $5 million exemption becoming permanent; Annual exclusion amount for gifts increased for...more
Originally published in the AICPA Tax Insider on January 17, 2013.
After months of senseless haggling, the Senate early in the morning of Jan. 1, 2013, by a vote of 89–8, and the House of Representatives late in the...more
For the first time in 12 years, the estate, gift and generation-skipping transfer tax law does not have a built-in expiration date in the United States. Congress has exempted all estates below approximately $5 million ($10...more
It has often been said that the only things in life that are certain are death and taxes. Until two weeks ago, the “taxes” part of that phrase was not so certain. However, on January 2, 2013 President Obama signed the...more
With the American Taxpayer Relief Act of 2012 (the “ATRA ”) passed and the fiscal cliff safely averted, the time has come to turn your attention to your estate plan.
What Did the ATRA Accomplish? The fiscal cliff...more
In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more
On New Year’s Day 2013, to avoid the so-called “fiscal cliff,” Congress passed the American Taxpayer Relief Act of 2012 (“2012 Act”). The 2012 Act raises taxes on some taxpayers while retaining most of the provisions enacted...more
Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more
The uncertainty of the last two years was put to rest on January 2, 2013 when President Obama signed into law the “American Taxpayer Relief Act of 2012” (ATRA). The new law saved us from the “Fiscal Cliff” and forestalled...more
On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. Summarized below are highlights of those and other changes to Federal tax laws affecting income, payroll, gift and estate, and...more
On January 2, President Barack Obama signed into law the American Taxpayer Relief Act of 2012, H.R. 8 (ATRA), preserving many of the key tax provisions passed during the George W. Bush presidency, which were scheduled to...more
On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (ATRA), averting the so-called “fiscal cliff.” The legislation, which was signed by President Obama on January 2,...more
2012 Tax Act -
The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 1, 2013 to avert the tax law changes that were one part of the “fiscal cliff” facing our country’s economy (the other...more
Congress extended through the end of 2013 the popular "charitable IRA transfer." This permits individuals who have reached age 70 1/2 to make income tax-free distributions up to $100,000 directly from an individual...more
President Obama on January 2, 2013 signed into law the American Taxpayer Relief Act of 2012 (the “Act”). The Act extends certain tax rates, tax credits, and other provisions previously enacted by other tax...more
The American Taxpayer Relief Act of 2012 (Act) was enacted on January 2, 2013....more
In This Issue:
- Summary of Income Tax Provisions in the American Taxpayer Relief Act of 2012
- Summary of Federal Estate, Gift and GST Tax Provisions of the 2012 Act
Please see full issue below for more...more
We Didn't (Quite) Fall off the Cliff, But We Still Have To Clean up the Mess!
When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working...more
The new federal tax bill establishes permanent income, estate, gift and generation-skipping transfer tax provisions that present additional planning opportunities for 2013 and beyond.
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