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2011 Budget Control Act: Tax and Planning Implications

The Budget Control Act will result in the formation of a bipartisan joint committee charged to address deficit reduction and present legislation that can be voted upon prior to year end. They are charged with proposing changes to raise $1.5 trillion over 10 years. The specific form deficit reduction will take is unknown. That uncertainty alone has significant planning implications. Unfortunately, many clients will interpret added uncertainty as another excuse to defer planning. But, more than ever, taking a “wait and see” approach may result in clients realizing a “wait and pay” result.


Runtime: 58 minutes
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction to the Budget Control Act

  • Guesswork – But Why It Is Important to Consider
  • Communicating With Clients

Overview of Already Proposed Tax Changes

  • Estate Tax Changes Already Proposed

Tax Rate Changes

  • Income Tax Changes
  • 2013 Medicare Tax on Earnings
  • 2013 Medicare Tax on Passive Income

Deductions

  • Deductions Changes
  • Home Mortgage Interest Deduction
  • Charitable Contribution Deduction
  • Medical Expense Deduction
  • State and Local Tax Deduction

Inflation

  • Stealth Inflation Adjustments
  • Switch CPI Benchmarks

Gross Income Modifications

Other Planning Considerations

Conclusion

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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

No credit available.

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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, P.C.

  • Attorney in Paramus, New Jersey and New York City
  • Focuses on estate and tax planning, planning for closely held businesses, and estate administration
  • Named by Worth Magazine as one of the Top 100 Attorneys
  • Named by CPA Magazine as one of the Top 50 IRS Tax Practitioners
  • Source for numerous national publications, guest expert appearances on major financial and other television and radio shows
  • Editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist
  • Written 42 books and more than 1,000 articles
  • CPA in New Jersey, Michigan and New York
  • J.D. degree, Fordham University School of Law; M.B.A. degree, University of Michigan; B.S. degree, Wharton School of the University of Pennsylvania
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 389045
Published 2011
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