Update on “Achieving a Better Life Experience” (ABLE) accounts: For tax years beginning after Dec. 31, 2014, states may establish tax-exempt “Achieving a Better Life Experience” (ABLE) accounts, which can be created by disabled individuals to support themselves or by families to support their disabled dependents. Contributions to the accounts are made on an after-tax […]
The following article was written by Albert Caproni III, and was featured in the January/February 2015 volume of Current Accounts published by the Georgia Society of CPAs. For more information about developing an estate plan or the probate process in Georgia, please contact our office. Introduction. In my law practice, I often encounter people that […]
Many people consider trusts a tool for the wealthy to avoid taxes. While trusts are a useful device for reducing estate taxes, there are many different types of trusts and tax planning is only one reason to create a trust. In fact, since the estate and gift tax exemption amounts have increased significantly over the […]
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to […]
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to […]
The recently enacted 2012 American Taxpayer Relief Act (Act) is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised income tax rates on ordinary income and capital gains for high-income individuals, modification of the estate tax, permanent relief from the alternative minimum tax […]
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 […]
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, […]
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 […]
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 […]