BKHM Blog

2014 SOCIAL SECURITY WAGE BASE AND COST OF LIVING ADJUSTMENTS

Posted by Sheridan Smith on Thu, Dec 05, 2013 @ 10:42 AM

The IRS recently issued a long list of cost of living adjustments (COLAs) for various Tax Code provisions in 2014 that are dependent upon the CPI-U index average from September 2012 through August 2013. The Tax Code requires that federal income tax brackets and certain other figures be adjusted annually for inflation. Because of inflation and rounding conventions, many provisions increase for 2014.

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Topics: bkhm cpas, IRS, tax code, social security

2012 POST-ELECTION TAX POLICY

Posted by Sheridan Smith on Fri, Nov 09, 2012 @ 11:33 AM

President Obama secured a second term in office November 6, 2012, in the end winning the Electoral College by a wide margin. The President's re-election now sets in motion what will likely be difficult negotiations between Democrats and Republicans over the fate of the Bush-era tax cuts, nearly $100 billion in automatic spending cuts, and the more than 50 expiring tax extenders, which include the alternative minimum tax (AMT) patch for tens of millions of taxpayers. The President's re-election has also significantly changed the dynamics for reaching an eventual agreement over long-term tax reform.

Click here to read the tax briefing.

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Topics: tax code, tax cuts, bkhmcpa