Month: January 2013

New Tax Law Hits Trusts Hard

Most of the tax increases in the American Tax Relief Act of 2012 (ATRA) were aimed at the wealthiest taxpayers. Unfortunately, the tax increases will hit trusts hard.   The Tax Changes First, the Patient Protection and Affordable Care Act (often called “Obamacare”) imposes a 3.8% surtax on net investment income. “Net investment income” generally… Read More

The New Pennsylvania Benefit Corporation

Pennsylvania has a new corporate form called a “Benefit Corporation”. It was signed into law October 24, 2012. Written by Philadelphia lawyers William Clark and Lizzie Babson, the new law has received wide bipartisan support across the country. Pennsylvania is the 12th state to adopt the legislation, joining California, Illinois, New York and other states.… Read More

Unique Opportunity for Charitable Giving in January 2013

The American Taxpayer Relief Act of 2012 (“ATRA”) creates a unique opportunity for charitable giving. If a taxpayer acts during January 2013, taxpayers who have attained age 70 1/2 may make a tax-free distribution (commonly referred to as a “charitable rollover”) from their IRA to charity of up to $200,000. In general, distributions from IRAs… Read More

One Fiscal Cliff-hanger is Over

They call it the American Taxpayer Relief Act. Funny, that. Overall it produces tax increases – that’s relief? Early January 1, 2013, the Senate, by a vote of 89-8, passed the “American Taxpayer Relief Act”. Late on that same day- after the government had technically gone over the “fiscal cliff” – the House of Representatives,… Read More