Tax Warrior Chronicles

What’s In the Ways & Means Committee Outline of Proposed New Tax Laws

Posted on Fri, Sep 17, 2021

By: Rosalind Sutch, CPA, MT

 

While many tax advisors were busy working to wrap up September 15th deadlines on Monday, House Ways & Means Committee Chairman Richard Neal released 881 pages of proposed legislative text intended to become part of the Build Back Better Act, a budget reconciliation bill forthcoming from Congress. That same day, Ways & Means Committee staff prepared and released an 18-page, section-by-section outline of the potential tax legislation required to cover the Biden administration’s $3.5 trillion spending plan. It’s still early in the legislative process and what will become law is still somewhat of a guessing game. But we are at the stage when we start following

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2012 American Taxpayer Relief Act – Individual Income Tax Highlights

Posted on Fri, Jan 04, 2013
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Congress-Passed Bill Averts Fiscal Cliff Tax Consequences

Posted on Wed, Jan 02, 2013

 

In the early morning hours of January 1, 2013, as many of us were making jubilant phone calls and firing poorly spelled text messages to close friends and relatives, the US Senate ushered in the New Year by passing H.R. 8, the “American Taxpayer Relief Act” (the Act), by a vote of 89-8.  Later in the day, after the country had technically gone over the “fiscal cliff,” the House of Representatives also voted to pass the bill by a 257 to 167 vote.  The Act, which the president is expected to quickly sign into law, would prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks that were scheduled to expire. However, it would also

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Retroactive CA Proposition 30 Tax Increases

Posted on Mon, Nov 12, 2012

The California Franchise Tax Board ("FTB") recently updated the 2012 tax rate schedules (updated tables below) to reflect tax increases that resulted from the passage of Proposition 30 during the November 2012 election.

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How the Obama Tax Plan May Affect Your Taxes in 2013 and Beyond

Posted on Thu, Nov 08, 2012

Election Day has passed and after a long year of campaigns, we finally know who our president will be for the next four years: Barack Obama.

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2012 Election Perspectives: What’s In Store for Itemized Deductions?

Posted on Mon, Oct 15, 2012

 

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2013 D&S Tax & Financial Planning Guide Now Available!

Posted on Mon, Oct 01, 2012

Every year, the Tax Warriors make their Tax & Financial Planning Guide available on-line or in paper copy for our clients and friends.  This year our Tax Warrior Chronicles blog readers get the benefit as well!

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2012 Year End Tax Planning: Understanding the 2013 Surtax on Investment Income & Looming Sunsets

Posted on Mon, Aug 27, 2012

We are all facing the prospect of a darker tax climate in 2013 for investment income and gains. Under current law, higher-income taxpayers will face a 3.8% surtax on their investment income and gains under changes made by the Affordable Care Act.  Additionally, if the EGTRRA and JGTRRA sunsets go into effect, all taxpayers will face higher taxes on investment income and gains, and the vast majority of taxpayers also will face higher rates on their ordinary income.

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Tax Increases in 2013 Under The Affordable Care Act

Posted on Wed, Aug 01, 2012

Even if Congress were to somehow solve its tax extender problems and kick all the EGTRAA and JGTRRA sunsets down the road for another year, the fact remains that, under the Affordable Care Act, a number of important tax increases will go into effect next year. These include higher Hospital Insurance (“HI”) taxes for high earners, a 3.8% surtax on unearned income of higher-income individuals, and caps on health FSA contributions. These changes will cause compliance issues for companies and some of them also will face new deduction limitations and fees. This article highlights the changes that loom for 2013, along with the scant guidance IRS has issued to date. In a future article we will

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