As you may recall, the uncertainty we faced at the end of 2010 was not resolved but only deferred via a series of extensions, most of which are set to expire in 2013. If Congress fails to adopt a more permanent tax structure before the end of this year, the income tax rates and the […]
Tax
HIRE Act & Health Care and Education Reconciliation Act
Earlier in March, President Obama signed two major bills into law – The Hiring Incentives to Restore Employment (HIRE) Act and The Health Care and Education Reconciliation Act. Below is a summary of the relevant tax provisions of these new laws. Hiring Incentives to Restore Employment (HIRE) Act: To help jumpstart business hiring and spending, […]
California – Electronic Payment of Taxes
In response to the budget crisis in California, the state legislature has enacted several measures to raise revenues, including an increase in sales and use tax and income tax rates, higher penalties, stricter enforcement, and the accelerated collection of certain taxes and fees. One of the lesser-known changes being implemented by California may change the […]
Conversion of a Traditional IRA to a Roth IRA
As you may know, as of the beginning of this year, all individuals are now eligible to convert a traditional IRA into a Roth IRA. For many individuals with higher incomes, a frustrating income tax rule prevented contributing to, or converting a traditional IRA to a Roth IRA, due to an income threshold limitation. Fortunately, […]