Archive for July, 2011

The Benefits of Doing Business in Easton

There are a whole series of loan and grant programs available to businesses. Firstly, there is an opportunity for a free business listing on www.eastonmainstreet.org . This website includes the opportunity to list at no charge pertinent business information and a web-link. In addition, there ample opportunities to have your business highlighted as “business of the month”. The website is managed by Kim Kmetz, Main Street manager. She can be reached at 610-330-9940 or kim@eastonpartnership.org

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In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.

Charitable IRA Distribution

It has been extended to 2010 and 2011 that a taxpayer can make an IRA distribution of no more than $100,000 to a charitable organization without including such amount in reportable income.  The taxpayer must be 70.5 years old or older.  This distribution will count towards the taxpayer’s required minimum distribution.

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In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.

Student Loan Interest

The student loan interest deduction has seen an extension of increased phaseout thresholds to 2011 and 2012.

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In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.

Personal Income Tax: Rates

Per the chart below, ordinary income tax rates for 2010 have been extended through 2011 and 2012.  The 2013 rates listed would have been applicable in 2011 had this law not been passed.

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There is a long line of lawsuits in which the False Claims Act has been used to punish an assortment of billing and statutory violations by medical professionals and institutions – since January of 2009, over $2.3 billion has been recovered for these violations. Please click here to read an article I authored with my colleague Theodore Margolis for MD News, where I discuss how to prevent and succeed with a False Claims Act case.

For more information about the False Claims Act, please contact Sandra Jarva Weiss at sjarvaweiss@nmmlaw.com.

In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.  The estate tax, enacted in 1916, taxes accumulated wealth over a lifetime of a decedent, less deductions, and is subjected to credits.  The gift tax is a backstop to the estate tax, preventing a person from avoiding estate tax by disposing of their entire wealth during their lifetime.

Estate Tax

The gross estate includes all property owned by the decedent upon death.  Deductions are allowed for debts, liabilities, and administrative and funeral expenses.  Deductions are also available for any gifts to charities and any distribution of wealth to a surviving spouse.  The estate tax rate is applied against a taxable estate, which is the gross estate less the allowable deductions.  The estate tax is then reduced by a unified credit.

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In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.  The estate tax, enacted in 1916, taxes accumulated wealth over the lifetime of a decedent, less deductions, and is subjected to credits.  The gift tax is a backstop to the estate tax, preventing a person from avoiding estate tax by disposing of their entire wealth during their lifetime.

Gift Tax

The gift tax rate remains at 35% for 2010, 2011 and 2012.  The applicable exclusion amount is increased to $5 million.

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In response to former President Bush’s tax cuts, the Republicans and Democrats agreed upon the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.  Signed into law on December 17, 2010, the Tax Relief Act of 2010 affects personal income taxes, business income taxes, and estate/gift taxes.  The estate tax, enacted in 1916, taxes accumulated wealth over a lifetime of a decedent, less deductions, and is subjected to credits.  The gift tax is a backstop to the estate tax, preventing a person from avoiding estate tax by disposing of their entire wealth during their lifetime.

A Timely Death

Estates of persons who die in 2010, may be subject to two different forms of the estate tax.  By default, the amount of the taxable estate in excess of $5 million will be subject to a 35% estate tax rate and the assets will receive a step-up in basis. 

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