Tax Implications of the “Debt Deal”

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The terms of the debt deal calls for a 12-member special congressional panel to locate $1.5 trillion in budget savings by late November. Some panel members will push for the first major tax code overhaul in 25 years.

At stake in any such effort would be tax breaks dear to big corporations and ordinary Americans alike, with the outcome uncertain in a politically super-charged climate.

Provisions such as tax deferral for offshore corporate profits, the mortgage interest deduction and accelerated depreciation would hang in the balance.

As the details become known we will keep you informed.

Posted on August 2, 2011 at 12:37 pm

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Categories: Business Tax, Estate Tax, Federal Tax Law, Individual Tax
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Before founding Roberts & Associates in 1988, Dave Roberts worked for the International accounting firm KPMG in the tax department for several years. In addition, he worked as international tax manager for a publicly held high technology corporation, after which he taught at the college level for five years. Dave’s practice focus is the taxation of small and closely held businesses and coordination of tax issues between owners and their business. He is recognized for his experience in Partnerships, LLC’s, and S Corporation taxation. His areas of expertise include manufacturing, construction and real estate development, mergers and acquisitions, and medical devices and OTC products. Dave graduated from the University of Utah where he obtained a Master’s of Professional Accountancy degree.

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