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the CPA Moms * Estate Tax Repeal
Estate Tax Repeal or Revision?
Alan L. Olsen
In 2010 the estate tax will be repealed and the gift tax rate will fall to 35%.
However, this repeal is effective only for that year and the estate tax will be reinstated in some form the very next year (2011). The US Senate is considering options to reduce or eliminate the estate tax. Currently, the estate tax only applies to fortunes over $2 million (at 46%) and is estimated to affect 12,600 taxpayers in 2006. There are also ongoing discussions as to whether the repeal of the estate tax should be made permanent or altered to apply to fewer estates. Before the estate tax is permanently repealed it is important to understand the alternatives to repeal and the distributional and foregone tax costs of the various options being considered. The Urban-Brookings Tax Policy Center has produced preliminary estimates of the distributional effects of some of the options reportedly under consideration and examines some of the implicit tradeoffs as well as some of the unintended consequences of repeal.
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Actor Gets Deferred Plea In Tax Evasion Case (Honolulu Advertiser)
Comedian and actor Rodney Villanueva, 55, avoided prison time when a judge on Monday accepted his deferred plea in a state tax evasion case.
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Current tax law allows a 15% tax rate on Long term Capital Gains income and qualified domestic dividend income. This 15% rate is set to expire at the end of 2008. In tax year 2009, the dividend income tax rate will be raised to the same rate as ordinary income and the long term capital gain tax rate will be raised to 20% for all taxpayers above the 15% bracket (a 10% capital gain rate applies for taxpayers in the 15% bracket).
On August 1, 2006, the House passed H.R. 5970 which proposes that the 15% capital gain tax rate be extended to 2015. Under this tax bill the estate tax would also be reinstated up to year 2015, exempting estates of less than $5 million in assets; Estates of $5 to $25 million in assets will pay a statutory tax rate of 15%; and estates with more than $25 million in assets will have a statutory tax rate of 30%. Also under this proposed bill the state tax death credit is repealed and no deduction is allowed for state estate taxes paid. The 5% surtax is also repealed.
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(AFX UK Focus) 2010-03-07 11:03 C.Suisse Not Aware Of Any Data Theft At Bank-paper (Interactive Investor)
ZURICH, March 7 (Reuters) - Credit Suisse is not aware of any theft of client data that could have brought names of the bank's clients into the hands of German tax authorities, its chief executive Brady...
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The final outcome of the estate tax bill is yet to be determined. However, the indications are that an estate tax will be reinstated after year 2010, albeit the tax rate will be lower than current laws mandate.
Alan L. Olsen is the managing partner at Greenstein Rogoff Olsen & Co., a top Bay Area CPA firm. A specialist in income tax planning, he frequently lectures and writes tax planning articles for professional organizations and community groups. Visit Groco.com for more tax tools and business articles.
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about the CPA Moms
What Other Authors say about the CPA Moms
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In the articles shown above on this web site you will find information that has been collected from many independent sources. Each article or item may offers a different point of view, but not necessary that of the CPA Mom's. This information is for general information only.
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