http://www.accountingtoday.com/news/AICPA-Extension-Filing-Estate-Tax-Forms-59581-1.html
2011 Q2 | Easing the Burden of Estate Tax
The new tax law relieves many taxpayers from concerns about federal estate tax for the next two years. What’s more, the law clarifies the treatment of estates of the people who died last year. New rules For 2011 and 2012, the federal estate tax exemption is set at $5 million. That’s a significant increase over the $3.5 million exemption for deaths in 2009 and a huge jump from the $1 million exemption that would have taken effect if a new law had not been passed. Excess assets are now taxed at 35%, down from 45% in 2009. As before, bequests to charities and surviving spouses who are American citizens are not subject to estate tax, regardless of the amount. Perhaps
2010 Q4 | Planning During Uncertain Times
Some of the tax laws that were passed in the early years of this century will expire after 2010. Next year, prior law could take effect. Alternatively, Congress may pass new tax laws effective in 2011-or even some laws that are retroactive to the beginning of2010. Therefore, tax planning for year-end 2010 is unusually challenging. The articles in this issue of the CPA Client Tax Letter are based on current law, as of this writing. However, Congress may act by year-end, changing current law substantially. Therefore, our office will keep you posted to let you know what changes, if any, have been signed into law and how they might affect your personal tax planning. Income tax In 2010, six federal