Qualities of a Leader
How often have you heard the comment, He or she is a born leader? There are certain characteristics found in some people that seem to naturally put them in a position where theyre looked up to as a leader.Read More
By Greenstein, Rogoff, Olsen & Co., LLP
To Our Clients and Friends:
We have a number of tax issues to report that may affect you in 2013. Several are related to recent legislation passed by Congress, the American Taxpayer Relief Act of 2012, which was signed by President Obama on January 1, 2013:
Separately, the recent healthcare legislation creates two new taxes for 2013:
Foreign Assets/Foreign Income
Also, separately, there are new requirements for those who own foreign assets or earn foreign income:
Examples of foreign assets and foreign income subject to these rules include: bank accounts, brokerage accounts, stocks of large or private corporations, partnership interests, bonds, pensions, and insurance policies, including those held in non-U.S. banks or brokerage accounts. This is not a complete list, so if you have any questions or concerns regarding foreign assets or income, please inform us so we can discuss these issues.
If similar items were not reported in prior years, please inform us so we can consider with you the IRS Offshore Disclosure Program. In many cases, no additional tax may result, but full disclosure on the appropriate forms of offshore assets and income is required to avoid non-filing penalties.
Lastly, the People of the State of California passed Proposition 30 in November 2012. Proposition 30 raises the personal income tax rate on individuals making more than $250,000 ($500,000 for joint filers) per year for the next seven years.
The Prop 30 changes apply retroactively to all income earned or received since January 1, 2012. Therefore, for tax year 2012, the maximum California individual income tax rate is 12.3 percent. If the income exceeds $1 million, there is an additional 1 percent mental health tax bringing the top rate to 13.3 percent.
We hope you find this information helpful and have a prosperous 2013. We appreciate serving you.
Greenstein, Rogoff, Olsen & Co., LLP