Starting in 2011 widows and widowers can add to their own estate tax exemption the unused exemption of the spouse who died most recently. This provision, plus an increase in the exemption amount to $5 million per person, enables married couples together to transfer as...
Brooklyn Bar Owner Jailed for not Paying $1.3M in Sales TaxesOn December 30, 2010 The principal owner of The Kettle Black, a popular sports bar and restaurant in the Bay Ridge section of Brooklyn, has pleaded guilty to stealing more than $1.3 million in city...
15-Year Recovery Period for Qualified ImprovementsThe Tax Bill signed December 17, 2010 extends the 15-year recovery period through 2010 and 2011 for:Qualified leasehold improvementsQualified restaurant improvements, andQualified retail improvements.The 15-year recovery period previously expired at the end of 2009. The extension applies to 2010 as...
Code Sec. 179 Expensing LimitsInternal Revenue Code Sect. 179 expensing limits were raised to $125,000 with a $500,000 investment limit for 2012. The 2010 Small Business Jobs Act, which was signed in September, raised the expensing limits to $500,000 with a $2...
Bonus Depreciation The Tax Bill signed December 17, 2010 provides 100% First Year Bonus Depreciation created for qualified improvements made after September 8 2010 and before January 1, 2012. Bonus depreciation reverts back to 50 Percent for qualified 2012 improvements.see: http://www.TaxEsq.com...
the Internal Revenue Service has issued new withholding tables based upon the changes in tax law reducing withholding for 2011.Even though most employers use payroll services, it is a good idea to print out and read the chart so employees can understand the changes.see: http://www.TaxEsq.com...
Here is a detailed Explanation of the Estate and Gift Tax Changes:2010 Estate Tax *Basic exclusion amount: $5,000,000 Formerly called applicable exclusion amount Unified credit: ...
Here is a quick summary of the new Estate Tax rates signed into law December 17, 20102010 Estate Tax Exclusion amount: $5,000,000 Maximum tax rate: ...
President Obama signed the Tax Extesnion into law. This continues the tax rates for 2 more years. Unfortuantely, Congress refuses to address tax simplification and making tax reduction permanent.see: http://www.TaxEsq.com...
The Democrats in the House are vowing to fight the Estate Tax exemption of $5m approved in the Senate. If no action is taken by December 31, the exemption will fall to $1m. Remember, this includes proceeds from Life Insurance policies, IRA's, pension plans, homes...