The generation-skipping transfer (GST) tax, finalized by the “fiscal cliff” legislation, is intended to catch those trying to avoid federal gift and estate taxes by transferring their wealth to individuals more than one generation below them (i.e. grandchildren).
On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 (ATRA) to address the “fiscal cliff” – a combination of higher taxes and forced spending cuts scheduled to go into effect in 2013.
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on December 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years.
“JOBS Act Offers Benefits for Private Companies Seeking Greater Investor Support” by Laura Roman & Dale Jensen for Midland Reporter-Telegram (March 10, 2013)
As more organizations deliver mobile applications to workers through private application stores, finance is expected to play a key role in controlling security and confidentiality of data.
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income.