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Congress Extends Expiring Tax Provisions Through 2014
Posted by Kristen Shepley on Fri, Dec 19, 2014 @ 11:06 AM

On the evening of December 16, the Senate passed the Tax Increase Prevention Act of 2014 ("Extenders Act"), retroactively reinstating many tax breaks that expired at the end of 2013, but only extending those provisions through 2014. The House of Representatives originally passed the Extenders Act on December 3 and, with the Senate's vote, the bill now heads to President Obama, who is expected to sign it. After a year filled with discussions about corporate tax reform and the permanent extension of popular provisions such as the research tax credit, to walk away with only a one-year extension of the expired provisions feels anticlimactic. Taxpayers that were hesitant to take advantage of the tax breaks until they were officially extended will have little time to do so before year end. At least taxpayers and their tax advisors will be able to factor these provisions into their year-end tax projections for their fourth quarter estimate calculations.

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Topics: tax update, tax changes

Inflation-Adjusted Figures Released for 2015
Posted by Kristen Shepley on Mon, Nov 24, 2014 @ 09:23 AM

While everyone anxiously awaits the fate of popular tax extenders like bonus depreciation and the increased business expensing election, the IRS and the Social Security Administration have released various inflation-adjusted figures for 2015. While most figures will increase slightly in 2015, some, such as the annual gift exclusion, remain unchanged.

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Topics: tax, tax changes, Inflation-Adjusted, 2015 Tax Rate Tables

New York Aims to Lose its Reputation for High Taxes with Cuomo’s FY 2015 Budget
Posted by Tarra Curran on Tue, Apr 15, 2014 @ 09:02 AM

On March 31, 2014 New York Gov. Andrew M. Cuomo signed the state’s FY2015 budget – an expansive piece of legislation intended to counteract New York’s reputation as a high-tax state and “create jobs, grow the economy and provide much-needed relief for struggling families.” 

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Topics: Tarra Curran, tax, tax changes, Cuomo’s Budget Proposal

New York Aims to Lose its Reputation for High Taxes with Cuomo’s Budget Proposal
Posted by Tarra Curran on Mon, Mar 10, 2014 @ 09:12 AM

On January 21, 2014 New York Gov. Andrew M. Cuomo announced an expansive $2 billion FY2014-2015 tax relief budget proposal intended to counteract New York’s reputation as a high-tax state and “create jobs, grow the economy and provide much-needed relief for struggling families.”

The $137.2 billion proposed budget represents a spending increase of less than 2 percent and is accompanied by business, property and estate tax relief. Specific cuts include those for property and business owners, renters and upstate manufacturers, among other constituents.

Among the most compelling proposals: shrinking the corporate income tax rate from 7.1 percent to 6.5 percent (by 2016) -- the lowest rate since 1968 -- and raising the estate tax exemption from $1 million to $5.25 million while cutting the top rate from 16 percent to 10 percent.

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Topics: Tarra Curran, tax, tax changes, Cuomo’s Budget Proposal

Is it Possible to do 2012 Tax Planning?
Posted by Grafton Willey on Mon, Nov 5, 2012 @ 09:27 AM

Too Many Unknowns and Uncertainties Make This Year’s Tax Planning More Difficult than Ever 

Author: Grafton "Cap" Willey, CPA

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Topics: tax issues, tax planning, tax, Cap Willey, year-end tax planning, tax changes, election year, IRS, compliance

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