Entries by Manager

Itemized Deductions Limitation in 2013

The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly). In reality this is not a new law; this is basically a re-birth of the famous “Pease limitation” that was the part of the […]

Annual Inflation Adjustments for 2013: Overview

On January 11, 2013, the IRS announced annual inflation adjustments for the tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. Changes in Tax Brackets; Adjustment to Standard Deduction and Personal Exemption Starting tax year 2013, a new tax rate of 39.6 […]

Overview of the New Investment Tax

The enactment of the Health Care and Education Reconciliation Act of 2010 (the “Act”) has profound implications for U.S. investors. The Act imposes a new tax on investment income of certain individuals, estates and trusts. The focus of this article is on the new tax on individuals and how it operates. IRC Section 1411: Imposition […]