The time – and opportunity – to plan for
major tax changes is upon us.
Without Congressional action, a variety of tax credits,
exemptions and reduced tax rates are scheduled to expire at the end
of this year. Election year politics make it difficult if not
impossible to determine whether Congress will act to extend any of
these provisions, so businesses and individuals should use the time
remaining in 2012 to understand how these changes will affect them
and, if appropriate, take action before the end of this year.
What's at Stake?
As illustrated by the chart to the right, there is a lot at
stake. Knowing what changes are on the horizon and when they will
take effect can help put you in greater control of your tax
position. As a starting point, the list below outlines some of the
more significant tax changes that are scheduled to become effective
January 1, 2013:
