This is the fifth article of a series dealing with the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“Act”). For the first four articles, see:
Part 1 – Charitable IRA Rollovers
Part 2 – Estate Tax/Carryover Basis Election for 2010 Decedents
Part 3 – Temporary $5 Million Estate Tax Exemption
Part 4 – Temporary $5 Million Gift Tax Exemption: Use It or Lose It
The Act temporarily increases the gift tax exemption to $5 million for 2011 and $5 million increased by inflation for 2012. The Act decreases the gift tax exemption to $1 million for gifts in 2013 or later. Our clients are actively considering methods to take advantage of this 2 year window of opportunity to make large tax-free gifts.
The first commandment of gift planning is to take care of yourself. This articl
Marketplace Fairness Act – The Response As the Marketplace Fairness Act (S. 1832) gets more traction and gains responses to this bipartisan version of the Main Street Fairness Act (S. 1452 / H.R. 2701), here are some of the groups who have voiced their opinions: National Conference of State Legislatures (NCSL) – “As states expect major cuts in federal funds as part of the deficit reduction process, enacting this legislation is a step federal lawmakers can take to lessen the impact. If this legislation passes, estimates show that in FY 2012 alone, states stand to gain $23.3 billion in revenue from sales taxes that already exist, but currently cannot be collected. Thi