Planning opportunities and pitfalls under the 1993 Tax Act - an early view
Article Abstract:
The Omnibus Budget Reconciliation Act of 1993 has important tax consequences for individuals and businesses who must assess the planning opportunities and potential liabilities. The law has three goals: tax fairness, economic stimulus and deficit reduction. These goals are met by taxing the rich, investment tax credits and a fuels tax among other provisions. High income individuals are faced with a 36% tax bracket and a 10% surtax on incomes of $250,000 or over. Corporate estimated tax computation has been simplified but many deductions such as business entertaining have been eliminated.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1993
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Tax issues and trends: a roundtable discussion of the CCH Tax Advisory Board
Article Abstract:
The Commerce Clearing House Tax Advisory Board is made up of tax lawyers, academics, former public servants in tax related positions, accountants and practitioners who all believe that tax simplification is an absolute necessity. The present tax system, according to the board, overtaxes savings in favor of consumption, provides tax credits or deductions that are too complicated to apply for and reduces US international competitiveness. Tax reform proposals seem mainly political in nature and will have little effect on the problems of the system as it stands.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1992
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A first look at Clinton's tax proposals
Article Abstract:
The Commerce Clearing House Tax Advisory Board supports Bill Clinton's intentions to reduce the deficit through spending cuts and tax increases because it believes deficit reduction is essential. However, the Board feels that the spending cuts have not been defined and that many of the tax increases are politically oriented rather than revenue producing such as the cap on executive compensation deductions. Some of the taxes Clinton has proposed will be difficult to administer or enforce and others will not produce the necessary revenue.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1993
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- Abstracts: Estate planning. Planning opportunities still exist for the liquidation of a deceased parther's partnership interest
- Abstracts: Accuracy and preparer penalties are strict under new regs. A gift from a tax debtor may have a tax price tag. Furnishing advice may subject practitioners to preparer penalties
- Abstracts: Stock-based executive pay plans offer choices. Rewarding executives with stock and stock-value arrangements. Finding the best compensation plans for key executives
- Abstracts: Excess refund stops interest on overpayment. What is a "tax payment" for purposes of timely refund claims? Responsible person and lender penalty were overlapping