Fiscal Cliff Avoidance- American Taxpayer Relief Act
Washington has avoided the Fiscal Cliff for the time being with the passing of the American Taxpayer Relief Act (“Act”). While this Act addresses various tax issues, the below focuses on several key issues of the Act: The top marginal income tax rate will increase from 35% to 39.6% for individuals with taxable income above $400,000 and married taxpayers filing…
Fast-Approaching “Fiscal Cliff” Could Mean Higher Taxes for Most Taxpayers
In the wake of the recent Presidential election, the focus of many politicians in Washington has turned to the fast-approaching “fiscal cliff,” a combination of federal spending cuts and tax increases designed to combat the growing federal deficit. While it is still uncertain as to whether Congress will enact subsequent measures to avoid the “fiscal cliff,” it is important for…
Indiana Tax Sale Notice Statute Ruled Unconstitutional
On July 16, 2012, the Indiana Court of Appeals issued an opinion in M & M Investment Group, LLC v. Ahlemeyer Farms, Inc. and Monroe Bank declaring the pre-sale notice provisions of the tax sale statute to be unconstitutional. In this case Monroe Bank challenged the constitutionality of Indiana Code section 6-1.1-24-3(b), which provides that a county auditor only has…
Individuals – The Effect of the Patient Protection and Affordable Care Act
With the Supreme Court recently upholding the Patient Protection and Affordable Care Act (PPACA) employers and individuals need to be prepared to comply with PPACA. The following summarizes some of the key provisions and effective dates relating to individuals: Beginning in 2014, individuals will be required, with some exceptions, to maintain minimum essential health insurance coverage, or pay a penalty…
Employers and Businesses – Compliance with the Patient Protection and Affordable Care Act
With the Supreme Court upholding the Patient Protection and Affordable Care Act (“PPACA”), employers and individuals need to be prepared to comply with the PPACA. The following summarizes some of the key provisions and effective dates relating to businesses: For months beginning after December 31, 2013, large employers may be subject to a “shared responsibility payment” if any full-time employee…
