Wealth Management
New Law Extends Tax Relief, Including Energy-Efficient Property Provisions
Key Provisions of the Tax Relief Act of 2010 Incentives for Individuals Federal Estate & Gift Taxes Incentives for Businesses On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate. Read More.
New Law Extends Tax Relief, Reinstates Estate & Gift Tax
Key Provisions of the Tax Relief Act of 2010 Incentives for Individuals Federal Estate & Gift Taxes Incentives for Businesses On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 , or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, establish a top estate tax rate of 35 percent with an exclusion of $5. Read More.
New Law Extends Bush-Era Tax Cuts, Reinstates Estate & Gift Tax
On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 , or H.R. 4853 (hereafter, “the Act”). The bipartisan legislation extends for two additional years many of the so-called “Bush-era tax cuts” originally enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Key provisions of the new law extend the individual and capital gains/dividend tax cuts for all taxpayers through 2012, enact a payroll tax cut for 2011, provide a two-year AMT patch, and establish a top estate tax rate of 35 percent with an exclusion of $5 million.
Inflation-Adjusted Retirement Plan Contribution Limits for 2011
Every year, the IRS issues new limits that will apply to retirement plan contributions for the following year. On October 28th, the IRS announced the cost of living adjustments for 2011. Continuing a trend from 2009, there are virtually no changes. Below is a brief list of the 2011 limits, noting whether or not there will be an increase applied:
New Benefit Plan Guidance on Rollovers, Conversions and Contributions from the IRS
The IRS recently made available some resources to help answer taxpayer questions regarding 2010 rollovers and conversions to Roth IRAs, the calculation of plan contributions for the self-employed, and waivers of the 60-day rollover requirement. Roth Conversions FAQ – 2010 Rollovers and Conversions to a Roth IRA To qualify as a 2010 rollover or conversion to a Roth IRA, a traditional IRA or an employer-sponsored retirement plan must make a distribution in 2010 (or your taxable year beginning in 2010 if you are not a calendar-year taxpayer). The traditional IRA or plan can make the distribution: directly to your new. Read More.
IRS Issues FAQ Guidance on Benefit Plan Rollovers, Conversions and Contributions
The IRS recently made available some resources to help answer taxpayer questions regarding 2010 rollovers and conversions to Roth IRAs, the calculation of plan contributions for the self-employed, and waivers of the 60-day rollover requirement. Roth Conversions FAQ – 2010 Rollovers and Conversions to a Roth IRA To qualify as a 2010 rollover or conversion to a Roth IRA, a traditional IRA or an employer-sponsored retirement plan must make a distribution in 2010 (or your taxable year beginning in 2010 if you are not a calendar-year taxpayer). The traditional IRA or plan can make the distribution: directly to your new. Read More.