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The latest news on the Alternative Minimum Tax
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Do you consider yourself wealthy? Most people do not, especially during these challenging economic times. But just because you don't feel like a high-earner doesn't mean you are immune to something that was originally created to ensure that the rich and powerful paid their fair share of taxes: the alternative minimum tax or AMT. The Texas Society of CPAs explains what it's all about and provides an update on the newest tax laws affecting the AMT.
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Read On...
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Using EPAct to reduce payback and offset tax liability
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Welcome to the Energy Policy Act of 2005 (EPAct), aka Section 179D, which is a government method to encourage U.S. building owners, lease holders, and designers of government buildings to be more efficient for commercial buildings or residential properties with four or more stories.
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Plenty of reasons to hang on to a credit shelter trust
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Previously, clients would often use a credit shelter trust to maximize the estate tax exemptions of both spouses. Upon the death of the first spouse, an amount equal to the maximum exemption could be transferred to a trust for the children. When the second spouse died, his or her estate (which would also usually go to the children) would be sheltered by his or her separate exemption. The new rules seem to eliminate the need for a credit shelter trust. But be aware.
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IRS sticks former Duke lacrosse player and falsely accused rapist with $6.5M tax bill
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The name Reade Seligmann has been out of the headlines for awhile, but lately he's been back in the limelight. He was one of three Duke University lacrosse players who were accused – and eventually exonerated – in a racially charged rape case. Seligmann is now a law student at Emory University in Atlanta. And… according to public records, he now owes nearly $$6.5 million in federal taxes.
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This month's tax roundup includes a primer on the Alternative Minimum Tax, thanks to the Texas Society of CPAs, and lots of juicy gossip about your favorite celebrities who can't seem to stay out of the news due to various attempts at playing fast and loose with the tax laws.
Read On...
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Best wishes,
Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com
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