As you might have heard, there is currently quite a bit of confusion surrounding the federal estate, gift and generation-skipping transfer (“GST”) tax laws. As of January 1, 2010, new rules became effective for those taxing regimes. However, the impact of these new rules remains uncertain because there is a…
Time is running out to retroactively create a 2009 tax loss eligible to be carried back up to five years for a refund of federal income tax paid in the prior years. This past November, Congress amended the Internal Revenue Code to allow 2009 business tax losses to be carried…
There is a tendency to stop thinking about tax planning during recessions. After all, during recessions many individuals and businesses do not pay income tax because they do not have income. In many cases, however, a loss can be carried back to a prior year when the individual or business…
Just as employers were starting to revise policies and understand the impact of significant changes to employment laws in 2008, they are faced with complicated changes recently enacted and already effective in 2009. New COBRA Rules: The American Recovery and Reinvestment Act of 2009 (“ARRA”) was enacted to help workers…
It seems that the only thing you can be sure of these days is that “unprecedented” will be used to describe something you are experiencing. Stock market fluctuations are unprecedented…the real estate cycle is unprecedented…the Troubled Asset Relief Program is unprecedented…the labor market is unprecedented…the use of the word “unprecedented”…