Section by Section

Section-by-Section for The Middle Class Tax Relief & Job Creation Act of 2011 – H.R. 3630  TITLE I – JOB CREATION INCENTIVES  Subtitle A – North American Energy Access  Section 1001. Short Title: This section provides the short title of “North American Energy Security Act.” Section 1002. Permit for Keystone XL Pipeline: Subsection (a) requires the President to grant a permit under Executive Order 13337 for the Keystone XL pipeline project application filed on September 19, 2008 (including amendments), subject to subsection (b). Subsection (b) provides that the President is not required to grant the permit under subsection (a) if he determines that the Keystone XL pipeline would not serve the national interest. If the President determines that the Keystone

2011 Q2 | Easing the Burden of Estate Tax

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

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