The Recent Tax Act: The Bell Tolls for Thee

The English poet, John Donne, many years ago wrote, “Send not to know for whom the bell tolls. It tolls for thee.” Donne eloquently made the case that a loss to anyone is a loss to all. Similarly, although you may not see an immediate increase in your taxes as a result of the so-called “American Taxpayer Relief Act,” the overall economic impact of the tax increases under the Act will, in some ways, impact us all. Following is a smattering of some of the changes in the tax law arising from the new tax law: The top income tax rate...

04 January

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We went over the “fiscal cliff”—if only for a few hours—now what?

Posted by David M. Grant

in Estate Tax Planning

Technically speaking, we actually went "over the fiscal cliff," as many significant tax increases and spending cuts automatically took effect at the stroke of midnight on December 31, 2012. Later that day, however, on January 1, 2013, retroactive legislation (going back at least several hours) passed the Senate, and then later the House. Our new law, the American Taxpayer Relief Act of 2012 (ATRA), permanently extends important tax provisions and temporarily extends others. Following is a very brief overview of ATRA: Transfer (Estate, Gift & GST) Taxes: Now for the big surprise—ATRA makes permanent the $5 million exemption amounts for the estate,...

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The Recent Tax Act: The Bell Tolls for Thee

We went over the “fiscal cliff”—if only for a few hours—now what?

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