In an election year, taxpayers typically can rely on two truisms. First, “nothing gets done during an election year.” Second, “when all is said and done, more is said than done.” The operation of these statements usually provides taxpayers with a respite from the rigorous task of planning for pending tax law changes. The dormancy of this election year, however, also threatens to push our fragile economy back into recession. As a result, taxpayers must be aware of the pending changes, be prepared to act accordingly (and proactively), and make informed decisions about their tax situations.
Tax professionals generally agree that income, gift, and estate tax rates and rules will remain favorable through the end of 2012. However, it is expected that taxpayers will experience significant tax rate increases beginning in 2013. These increases result from the expiration of the so-called “Bush tax cuts” and from several yet-to-be-implemented tax changes provided in the 2010 Health Care Act.
During this webinar we discuss the uncertain environment taxpayers and their advisors face, what will and may happen, and how to plan effectively. In particular, the following topics are addressed:
Review pending tax law changes that will increase tax burdens on all taxpayers as soon as January 1, 2013
Examine the potential impact of key provisions of the 2010 Health Care Act on your business this year and in subsequent years
Propose new and time-tested planning strategies for all taxpayers including ways to take advantage of the temporary $5.12 million transfer tax exemption
Provide practical, common-sense suggestions for you to implement before year-end
Length: 23 pages (PDF 954 kB,WMV 14353 kB)