Right now, your highest priority is the health of those you love and yourself. But if you have time to read about some non-medical, but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain […]
Prior to 2010, only taxpayers with modified adjusted gross income (MAGI) of $100,000 or less could convert amounts in a traditional IRA (or qualified plan) to amounts in a Roth IRA (and married persons filing separately can’t make such rollovers at all). However, for tax years beginning after 2009, the $100,000 modified AGI limit on […]
A typical estate plan includes a will, a financial power of attorney, and an advance directive for health care. Other tools are often used, such as trusts and gifts, to shelter assets from waste and taxes. BACKGROUND Uncertainty has been the catchword in 2010 to describe the state of tax laws governing gifts and estates. […]
Estate Planning Not Just for the Rich http://blogs.ajc.com/atlanta-bargain-hunter/2010/12/06/wes-moss-estate-planning-not-just-for-the-rich/
Beginning January 1, 2011, there is a new reporting requirement that will affect all taxpayers who own rental property (including not only companies, but individuals as well). If the rental property owner pays any service provider $600 or more (in the aggregate over the whole calendar year), the owner must furnish the service provider with […]
Background Non-compete contracts are on the mind of employers and employees alike recently with the passage of a constitutional amendment that dictates a new framework for enforceable restrictive covenants in Georgia. What does this mean for employers and employees? Georgia law, previously only established through court decisions and not under valid Georgia statutes, was restrictive […]
While the new tax law changes in the bipartisan legislation that was enacted in late 2010 were the most significant developments in the fourth quarter of 2010, many other tax developments may affect you, your family, and your livelihood. These other key developments in the fourth quarter of 2010 are summarized below. Please call us for more […]
Under the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” the federal estate tax, which disappeared for 2010, springs back to life in 2011 and is imposed at the top rate of 35% of the estate’s value after the first $5 million. The following is a brief overview of the […]
The tax laws enacted in the last couple of years contain important income tax and information reporting provisions that are effective for the first time in 2011. To inform you of what’s new in the tax rules, here’s a summary of the key tax changes for 2011, broken down into three categories: Personal Income Taxes, […]
Two pieces of legislation adopted by Congress last year would have imposed increased requirements for filing Forms 1099, beginning with owners of rental property this year (2011) and for all businesses beginning in 2012. Both requirements met with widespread opposition and concerns over the burdensome effect of these requirements on landlords beginning this year and […]