If Congress does nothing about the Bush Tax Cuts, another provision to expire may be the 5.12 million estate and gift tax exclusions (back to $1 million) and the 35% estate and gift tax rates (back to 55%). See this article by Bill Bischoff in SmartMoney:http://www.smartmoney.com/taxes/income/preparing-for-taxmageddon-1337724496427/So there are more things to think about as far as estate planning goes. You can check with professionals I know about estate planning (financial planners and estate planning attorneys) in the resource section of my website:https://briantstonercpa.com/Resources.htmland you can call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net if you have questions.Remember, You can count on us to count for you!
Looming Tax Increases and Reduced Spending Could Cause Recession
Last week I talked about the Bush Tax Cuts expiring at the end of this year. Well there are other expenses, taxes and whatnot that the Congressional Budget Office warns could cause a recession in the first half of 2013. Here is the article by Michael Cohn, Editor-in-Chief, AccountingToday.com that talks about it:http://www.accountingtoday.com/news/Looming-Tax-Increases-Prompt-Recession-Next-Year-62754-1.html?ET=webcpa:e2533:204199a:&st=emailThe second half of 2012 should have a lot of excitement, shouldn’t it?Remember, You can count on us to count for you!
IRS Has Streamlined the Offer In Compromise System
See the article below in Accounting Today by Michael Cohn discussing the IRS agreeing to more flexible payment schedules in its Offer in Compromise program, including expanding what can be paid. Here is the link to the article:http://www.accountingtoday.com/news/IRS-Offer-in-Compromise-Program-Flexible-Fresh-Start-62727-1.html?ET=webcpa:e2522:204199a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_052212Remember, You can count on us to count for you!