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Federal Tax Planning and Compliance Update
Compared with the significant tax legislation of the prior several years, both 2005 and 2006 (to date) have been relatively quiet in terms of legislative changes impacting taxpayers generally ' and law firms and attorneys in particular.
General Federal Income Tax Changes
The Tax Increase Prevention and Reconciliation Act of 2005 was signed into law on May 17, 2006. The most significant parts of the Act are that it:
- Extends the 15% rate on capital gains and dividends through 2010 (otherwise this rate would have expired at the end of 2008);
- Provides 1 year of individual Al-ternative Minimum Tax (AMT) relief;
- Eliminates the income cap on eligibility for rolling over traditional IRAs to Roth IRAs, starting in 2010;
- Raises from 14 to 18 the qualifying age for children to be taxed at their own effective tax bracket rates; and
- Extends Section 179 expensing through 2009.
Let's look at each of these items in a bit more detail.
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