Archives For United States Congress

The Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution, has announced its seventh annual Lump of Coal Award for the worst tax and fiscal policies of 2013. The year was a curious mix of really bad ideas and dithering. After all, Congress’s finest moment may have been its December budget mini-deal—a decision that effectively ignored every one of the great fiscal questions facing the nation. The winners of the 2013 Lump of Coal Award are: Continue Reading…

IRS_TaxDevice_WEB

The Congressional Research Service (CRS) has issued a report in which it summarizes many of the medical device excise tax rules and sheds some light on which devices are subject to that tax. Continue Reading…

PLANNING FOR BUSINESSES [Part 5/7]

Businesses seeking to maximize tax benefits through 2013 year-end tax planning may want to consider two general strategies:

  1. Use of traditional timing techniques for income and deductions; and
  2. Special consideration of significant tax incentives (known as tax extenders) scheduled to expire at the end of 2013. Continue Reading…

PLANNING FOR INDIVIDUALS [Part 2/7]

Surtax On Net Investment Income (NII)

Starting in 2013, higher-income taxpayers may be liable for a 3.8 percent NII surtax. The NII surtax on individuals equals 3.8 percent of the lesser of: Continue Reading…