Year-end 2013 brings many new planning opportunities along with the traditional year-end tax planning strategies. It also brings challenges for both individuals and businesses.
There is much for taxpayers and their tax advisors to consider in taking action before 2013 ends, including the important changes made by the American Taxpayer Relief Act of 2012 (ATRA) (signed into law on January 2, 2013), the provisions in the Patient Protection and Affordable Care Act of 2010 (Affordable Care Act) (scheduled to take effect in 2013, 2014) the Supreme Court’s decision on same-sex marriage and the release of significant new IRS rules on many pressing issues.
There is also the prospect of comprehensive tax reform in 2014, which will require some “crystal ball” forecasting of what Congress may or may not do in the coming year. On top of everything, the IRS shutdown in October could delay the start of the 2014 filing season, although the long-term effects have yet to be determined.
This week-long CCH briefing explores some of the 2013 year-end planning opportunities available to taxpayers, especially as the result of provisions that are new-for-2013 and those that at the moment are scheduled to expire after 2013. Continue Reading…