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,...

19 March

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Back Door Tax Hike–Bad for Nevada Business

Posted by GMD Legal

in Estate Tax Planning

On Thursday of last week the interim Legislative Subcommittee on Regulations approved a rule that now requires limited liability companies (LLCs) to pay an annual $200 business license tax, which is assessed and collected by the Nevada Secretary of State. This new regulation prevents LLCs from claiming an exemption to the tax for home-based businesses that earn less than $27,000 per year. Nevada Secretary of State, Ross Miller, sought the rule because he says hundreds of LLCs wrongly claim the exemption. The new regulation will cost businesses an estimated $10 million per year, and that does not touch upon the significant loss of new...

01 March

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Obama’s New Tax Proposals

Posted by David M. Grant

in Estate Tax Planning

By David M. Grant, Esq., Partner at Grant Morris Dodds Recently President Obama released his 2013 budget proposal. Following is a summary of his budget points as it relates to income tax, estate tax, gift tax, and Generation Skipping Transfer (GST) tax reform: Limitation on Itemized Deductions and Personal Exemption Phase-out. The proposal would reinstate the limitation on itemized deductions and the personal exemption phase-out for upper-income taxpayers. The Adjusted Gross Income (AGI) thresholds would return to the 2009 levels, and would be indexed for inflation thereafter. The thresholds would be $250,000 for married taxpayers filing joint returns, $225,000 for head-of household taxpayers,...

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Tax increase Tag

The Recent Tax Act: The Bell Tolls for Thee

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

Back Door Tax Hike–Bad for Nevada Business

Obama’s New Tax Proposals

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