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The Fiscal Cliff: What Does it Mean?

December 24, 2012
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The final countdown towards the “Fiscal Cliff” is winding down as 2012 concludes. But what does it actually mean to you as a taxpayer? In summary, the fiscal cliff can be defined as: “A combination of expiring tax  cuts  and across-the-board government spending cuts scheduled to become effective Dec.  31, 2012. The idea behind the fiscal…

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IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute Up to $17,500 to Their 401(k) Plans in 2013

December 17, 2012
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*Reprinted from the IRS website IR-2012-77, Oct. 18, 2012 WASHINGTON — The Internal Revenue Service today announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2013. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory…

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The New Estate Tax Rules and Your Estate Plan

November 12, 2012
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The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) included new gift, estate, and generation-skipping transfer (GST) tax provisions. The 2010 Tax Act provides that in 2011 and 2012, the gift and estate tax exemption is $5 million (indexed for inflation in 2012, and thus is $5,120,000), the…

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Cap Gains Tax Precludes Farmers from Passing Torch

October 29, 2012
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WASHINGTON, D.C., September 20, 2012 – The American Farm Bureau Federation today urged Congress to reform the capital gains tax because of its detriment to young and beginning farmers. In a statement submitted to the House Ways and Means and Senate Finance Committees’ joint hearing on tax reform, AFBF said the cumbersome tax makes it…

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Explaining the "Fiscal Cliff"

August 28, 2012
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What is the “fiscal cliff”? It’s the term being used by many to describe the unique combination of tax increases and spending cuts scheduled to go into effect on January 1, 2013. The ominous term reflects the belief by some that, taken together, higher taxes and decreased spending at the levels prescribed have the potential…

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National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year

July 30, 2012
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WASHINGTON — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will focus on during the upcoming fiscal year. The report expresses particular concern about the taxpayer impact of expired and expiring tax provisions, the rise in tax fraud and tax-related identity…

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What Does the Supreme Court Ruling on the Health-Care Reform Law Mean for You?

July 4, 2012
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On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans carry health insurance or pay a penalty, is constitutional. The ACA, signed into law in 2010, made sweeping reforms to health-care coverage in the United States. Many…

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