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Estate Planning Strategies Before Congress Acts On Tax Reform

Article by Cara O’Brien | Found on AccountingToday.com

Estate planning has once again entered the realm of uncertainty.

We do not know if there will be new legislation regarding the estate and gift tax, nor do we know when such possible legislation will take place (if ever). For example, if the estate tax is repealed, will the estate tax cease immediately or as of some future date; or will the estate tax be phased out over a number of years? If there is a repeal, how long will the repeal last (viewed from both the perspective of the text of the new legislation, and the possibility of a political shift that could result in more new legislation)? Read more

Congress Approves Tax Extenders for 2014

Congress Approves Tax Extenders for 2014

The U.S. Senate has approved a one-year extension of the tax extenders bill, a grab bag of around 50 tax provisions for businesses and individuals. The bill will cost $42 billion over ten years and applies retroactively to the 2014 tax year. The House of Representatives passed their version of the bill last week.

The one-year extension passed by the House and Senate leaves the package to expire again at the end of this month, which will set up discussion on the tax extenders again in 2015.

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