FF&F News & Events


Advisory_Consulting

New 2013 Individual Income Tax Rates

With the 2013 individual income tax return filing season rapidly approaching, we feel it is a good time to remind you of the impact of prior year legislation, which is now effective in 2013, will have on your 2013 federal income tax liability (Patient Protection and Affordable Care Act of 2010 and the American Taxpayer Relief Act of 2012).

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American Opportunity Tax Credit

How do I . . . compute the American Opportunity Tax Credit?

The American Taxpayer Relief Act of 2012, signed into law on January 2, 2013, extended the American Opportunity Tax Credit through (and including) the 2017 tax year. The credit, which is an enhanced version of the Hope tax credit for tuition, allows taxpayers to claim a credit against federal income taxes for costs of tuition and other qualified educational expenses paid for the taxpayer, his or her spouse, or a dependent claimed on the tax return who is enrolled at an eligible educational institution.

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2013 year-end tax planning

Taking first steps for 2013 year-end tax planning

Even though the calendar still says summer, it’s not too early to be thinking about 2013 year-end tax planning. In fact, year-end tax planning has become around-the-year tax planning because of tax legislation (or the lack of tax legislation), new IRS rules and regulations and personal and business considerations.

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Tax Reform

Heated debate ahead on tax reform proposals

President Obama recently said that he wants a tax reform/deficit reduction package by August and lawmakers have many proposals to consider. The President has introduced a $3.77 billion budget for fiscal year (FY) 2014 with a host of tax reform proposals, the House and Senate Budget Committees have approved competing deficit reduction and tax reform blueprints, other committees are exploring ideas for tax reform, and private groups, most notably authors of the Simpson-Bowles Plan, are also making proposals

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Small Business Tax Reform

House Ways And Means Committee sets sights on Small Business Tax Reform

Many small business benefits incorporated into the Tax Code are complicated and, arguably, in need of reform. House Ways and Means Committee chair Dave Camp, R-Mich., recently released a draft proposal containing numerous tax reform measures specifically designed to simplify taxation of small businesses and partnerships.

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Extension Filing

IRS expects many extension requests as filing season winds down, ready to provide limited penalty relief

As April 15 approaches, the IRS is preparing for a surge of last-minute filers and taxpayers seeking an automatic extension of time to file their 2012 returns. The IRS received more than 148 million individual income tax returns in 2012, and that number is expected to rise in 2013. The increase in returns and the expectation from taxpayers that refunds will be paid within 21 days has put some pressures on the IRS

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Calculations

How do I….calculate the reinstated Pease itemized deductions limitation under ATRA?

The limitation on itemized deductions (also known as the Pease limitation after the member of Congress who sponsored the original legislation) is reinstated by the American Taxpayer Relief Act (ATRA) for tax years beginning after December 31, 2012. The reinstated Pease limitation is intended to reduce or eliminate the itemized deductions of higher income taxpayers to raise revenue.

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Client_EstateTax

What does ATRA do for estate planning?

The American Taxpayer Relief Act of 2012 (ATRA) has provided much needed certainty for estate tax planners and for taxpayers who want to arrange their financial affairs. For the first time in 10 years, beginning January 1, 2013, the maximum estate tax rate, the inflation-adjusted exclusion, and other estate tax features have been made permanent.

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