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On January 20, 2009, Barack Obama will take the oath of office as the 44th president of the United States. Federal tax policy is guaranteed to be at the forefront of President Obama’s agenda. Democrats in Congress are preparing an economic stimulus package, which they hope to have ready for the new president’s signature on January 20. It is likely to include significant individual and business tax incentives.
Over the past several
months, we have been sending information to you about proposed tax
policies, and we will continue to send news to you as soon as it is
available. Some recent good news to note right now are: 4Capital gains rate is not currently expected to increase from 15% to 20% until 2010 4For the calendar year 2009, no minimum distribution is required from individual retirement plans and employer-provided qualified retirement plans that are defined contribution plans. Thus any annual minimum distribution for 2009 from these plans required under current law is not required to be made and the next required minimum distribution would be for calendar year 2010. This relief applies to life-time distributions to employees and IRA owners and after-death distributions to
beneficiaries. Please don't hesitate to contact us if you would like to discuss this topic at any time.
Tax Times is provided by Somerset CPAs for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues discussed, please contact your Somerset advisor or a member of our Tax Team. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
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Somerset CPAs, P.C. |
