Podcasts about american taxpayer relief act

Exemptions and tax rates. As noted before, a certain amount of each estate is exempted from taxation by the law. Below is a table of the amount of exemption by year an estate would expect. Estates above these amounts would be subject to estate tax, but only for the amount above the exemption. For example, assume an estate of $3.5 million in 2006. There are two beneficiaries who will each receive equal shares of the estate. The maximum allowable credit is $2 million for that year, so the taxable value is therefore $1.5 million. Since it is 2006, the tax rate on that $1.5 million is 46%, so the total taxes paid would be $690,000. Each beneficiary will receive $1,000,000 of untaxed inheritance and $405,000 from the taxable portion of their inheritance for a total of $1,405,000. This means the estate would have paid a taxable rate of 19.7%. As shown below, the 2001 tax act would have repealed the estate tax for one year (2010) and would then have readjusted it in 2011 to the year 2002 exemption level with a 2001 top rate. That is, had no further legislation been passed, the estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstated the federal estate tax. The new law set the exemption for U.S. citizens and residents at $5 million per person, and it provided a top tax rate of 35 percent for the years 2011 and 2012. On January 1, 2013, the American Taxpayer Relief Act of 2012 was passed which permanently establishes an exemption of $5 million (as 2011 basis with inflation adjustment) per person for U.S. citizens and residents, with a maximum tax rate of 40% for the year 2013 and beyond. The permanence of this regulation is not ensured: the fiscal year 2014 budget called for lowering the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption back to levels of 2009 as of the year 2018. The exemption amounts of $11,180,000 in 2018 and $11,400,000 in 2019 are also currently (as of December 2018) scheduled to sunset 12/31/2025 (Tax Cuts and Jobs Act of 2017). Puerto Rico and other U.S. possessions. A decedent who is a U.S. citizen born in Puerto Rico and resident at the time of death in a U.S. possession (i.e., PR) is generally treated, for federal tax purposes, as though he or she were a nonresident who is not a citizen of the United States, so the $5 million exemption does not apply to such a person's estate. For U.S. estate tax purposes, a U.S. resident is someone who had a domicile in the United States at the time of death. A person acquires a domicile by living in a place for even a brief period of time, as long as the person had no intention of moving from that place. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support

Amid the opioid and suicide epidemics, military veterans across the country  are shunning prescription medications in favor of cannabis. In his first feature-length documentary, producer, director, and military veteran  Steve Ellmore chronicles the lives of fellow veterans, spouses, and family  members coping with war-related trauma and the loss of loved ones to suicide  brought on by the over-prescription of pharmaceuticals. STEVE ELLMORE, Director, Producer Steve Ellmore is an American filmmaker,  photojournalist, and veterans' activist. His  experience behind the lens dates back to the  1980s with his first 35mm camera. From there  he migrated to TV and audio production  before joining the U.S. Air Force in 1992. After  retiring from the military in 2012, he picked up  the camera again as a freelance  photographer. His venture into activism and filmmaking  began with the American Taxpayer Relief Act  of 2012 and production on the film, Allegiance  to the Same, a project he conceived to  challenge the government's plans to cut  veteran benefits. In 2017 he began work on his next big project,  a documentary about veterans starting a  marijuana grow in the Midwest. The original idea was scrapped due to  budgetary constraints, but not before convincing Ellmore of the effectiveness  of treating PTSD with cannabis. Initially a skeptic, his research into the  therapeutic benefits of the plant convinced him there's a story that needs to  be told. He immediately began production on the documentary Unprescribed,  establishing Allegiance Films LLC in the process. Ellmore is a Southern California native who now resides in Maryland. He  received his bachelor's degree from the University of Maryland University  College and his master's from Johns Hopkins University, both in  communications.

The American Taxpayer Relief Act of 2012 (ATRA) and the 2017 Tax Cuts and Jobs Act (TCJA) implemented sweeping changes to estate planning techniques for married couples.

Official Website https://joebiden.com/ Twitter @JoeBiden https://twitter.com/JoeBiden Joseph Biden Jr. Born November 20, 1942, is an American politician who served as the 47th vice president of the United States from 2009 to 2017. Biden also represented Delaware in the U.S. Senate from 1973 to 2009. A member of the Democratic Party, Biden is a candidate for president in the 2020 election. Biden was born in Scranton, Pennsylvania, and lived there for ten years before moving with his family to Delaware. He became a lawyer in 1969 and was elected to the New Castle County Council in 1970. He was first elected to the U.S. Senate in 1972, when he became the sixth-youngest senator in American history. Biden was re-elected six times and was the fourth most senior senator when he resigned to assume the vice presidency in 2009. Biden was a long-time member and former chairman of the Foreign Relations Committee. He opposed the Gulf War in 1991, but advocated U.S. and NATO intervention in the Bosnian War in 1994 and 1995. He voted in favor of the resolution authorizing the Iraq War in 2002 but opposed the surge of U.S. troops in 2007. He has also served as chairman of the Senate Judiciary Committee, dealing with issues related to drug policy, crime prevention, and civil liberties. Biden led the efforts to pass the Violent Crime Control and Law Enforcement Act, and the Violence Against Women Act. He also chaired the Judiciary Committee during the contentious U.S. Supreme Court nominations of Robert Bork and Clarence Thomas. Biden unsuccessfully sought the Democratic presidential nomination in 1988 and in 2008. In 2008, Biden was the running mate of Democratic presidential nominee Barack Obama. As vice president, Biden oversaw infrastructure spending aimed at counteracting the Great Recession and helped formulate U.S. policy toward Iraq through the withdrawal of U.S. troops in 2011. His ability to negotiate with congressional Republicans helped the Obama administration pass legislation such as the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which resolved a taxation deadlock; the Budget Control Act of 2011, which resolved that year's debt ceiling crisis; and the American Taxpayer Relief Act of 2012, which addressed the impending fiscal cliff. Obama and Biden were re-elected in 2012. In October 2015, after months of speculation, Biden announced he would not seek the presidency in the 2016 elections. In January 2017, Obama awarded Biden the Presidential Medal of Freedom with distinction. After completing his second term as vice president, Biden joined the faculty of the University of Pennsylvania, where he was named the Benjamin Franklin Professor of Presidential Practice. He announced his 2020 run for president on April 25, 2019. Information link: https://en.wikipedia.org/wiki/Joe_Biden

Because of the multi-dimensional tax environment that now exists post-American Taxpayer Relief Act, CPA financial planners must look at the tax impact on clients’ financial plans through a 5 to 10 year horizon. Ordinary income tax rates from the Bush Administration were made permanent. The capital gains rate increased from 15% to 20% for taxpayers with income greater than the threshold amounts. Phase-out of personal exemptions and limitations on itemized deductions (Pease) become critical in managing tax brackets by shifting income and deductions into certain years. This podcast from Bob Keebler provides a overview of theory, strategies and case studies in bracket management.

Seven significant new income tax law changes went into effect at the beginning of the year as a result of two pieces of legislation: The 2010 Health Care Reform Act and the American Taxpayer Relief Act of 2012. Although the new laws are primarily designed to increase taxes for those with higher levels of income, […] The post Have you planned for these 7 tax law changes? appeared first on Retirement Income Center.

Seven significant new income tax law changes went into effect at the beginning of the year as a result of two pieces of legislation: The 2010 Health Care Reform Act and the American Taxpayer Relief Act of 2012. Although the new laws are primarily designed to increase taxes for those with higher levels of income, […]

#93: Congress averted the Fiscal Cliff. Or did they? Effective with the first payroll of 2013, there are a number of changes to paychecks for employees. The American Taxpayer Relief Act of 2012 (“Relief Act”) was passed by the United States Congress on January 1, 2013, and includes several changes ... For more information, visit

In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, discusses the American Taxpayer Relief Act of 2012 (H.R. 8), as well as the issues not yet addressed by the 113th Congress. In new markets tax credit news, he shares the Community Development Financial Institutions Fund's announcement that it will announce 2012 allocations in April and the monthly Qualified Equity Investment Issuance Report. In historic tax credit news, he alerts listeners to a frequently asked question document that the National Park Service has released about application fee changes. In low-income housing tax credit news, he shares a legislative victory in Ohio for LIHTC property owners and California's 2013 and 2014 operating expense minimums. Finally, in renewable energy tax credit news, he alerts listeners to a change to the production tax credit.

Estate Planning after the American Taxpayer Relief Act of 2012 Video Presentation. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

Estate Planning after the American Taxpayer Relief Act of 2012 Video Presentation. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

Estate Planning after the American Taxpayer Relief Act of 2012 Video Presentation. This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com

In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, discusses the American Taxpayer Relief Act of 2012 (H.R. 8), as well as the issues not yet addressed by the 113th Congress. In new markets tax credit news, he shares the Community Development Financial Institutions Fund's announcement that it will announce 2012 allocations in April and the monthly Qualified Equity Investment Issuance Report. In historic tax credit news, he alerts listeners to a frequently asked question document that the National Park Service has released about application fee changes. In low-income housing tax credit news, he shares a legislative victory in Ohio for LIHTC property owners and California's 2013 and 2014 operating expense minimums. Finally, in renewable energy tax credit news, he alerts listeners to a change to the production tax credit.