Individuals

Sophie Jing Liu, Tax Associate

CCH

This recent guide published by our CCH tax service outlines the impact of the expiration of the Bush era tax cuts enacted in 2001, and 2003.  Many of you may be suprised the effect these sunset provisions will have on you, regardless as to your tax bracket.

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CNBC

Given that most of us just got finished our tax returns and paying Uncle Sam, a few individuals are saying enough is enough and renouncing their citizenship.  Well, you can't just do that without tax consequences.  I loved this CNBC article on the "exit tax".  Obviously, the government thinks of everything.

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Barrons

With the December 31 expiration of the recently increased $5 million dollar estate and gift tax exclusion, the opportunity to gift large sums of property to heirs is quickly closing.  Not everyone has a spare $5 million to give away, but this recent article in Barron's outlines the rules and possibilities.

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The Wall Street Journal

New laws now require brokerages to not only report sales proceeds, but your cost basis in stocks you sell.  The new rules apply to stocks bought in 2011 and later, so your 1099 looks a little different this year.  The following article from the Wall Street Journal outlines some of the issues involved.

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IRS News Release

This IRS Publication offers a general overview of many of the items of income and deductions and their affect on your taxes.

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The Wall Street Journal

Here is a recent article which discusses some of the ways for you to pay your financial advisor. How you structure these fees can affect your taxes.

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IRS News Release

The IRS recently announced the 2012 standard mileage rates, many of which are the same as the rates released in July.

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IRS News Release

The rules related to reporting foreign assets get even more complicated in 2012. Here, the IRS announces the new rules, but be sure to also read Mary Ann's recent article on the new reporting requirement for a more in-depth study.

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Julie Armstrong, CPA

Traditional IRAs allow most taxpayers to deduct contributions from taxable income in the year that they are funded.  Over time, all income and capital appreciation generated compounds tax free.  However, when future distributions are taken from a traditional IRA, they are generally fully taxable as ordinary income to the taxpayer.  Assuming the taxpayer and/or spouse of the taxpayer is not an active participant in a retirement plan maintained by an employer, a taxpayer may contribute up to $5,000 ($6,000 if age 50 or above) to a traditional IRA for 2011 with no income limits on the taxpayer.