By Andrew J. Goldberg
As 2009 draws to a close, Kemp Klein has been monitoring issues that will come to the fore in 2010:
1. Taxpayers will have a generous opportunity to convert pre-tax IRAs to Roth IRAs. This opportunity will apply without regard to a taxpayer’s adjusted gross income, unlike in the past.
2. In Michigan, we anticipate continued movement toward modifying the Michigan business tax, introducing a progressive personal income tax, and decreasing the sales tax but broadening its application to include services.
3. We anticipate that the recent (modest) easing of credit towards larger businesses will trickle down to small businesses in 2010.
4. Congress will likely pass legislation that will repeal the “zero estate tax” for 2010, and will alter the estate tax structure for 2011 and beyond.
5. The full impact of a final health care bill will not be known until practical application occurs. However, businesses will have to begin reviewing their health insurance programs, and individuals who purchase their own insurance may have additional options.
6. There has not been a permanent repeal of the Alternative Minimum Tax; a year-by-year patch has continued. It is likely that a repeal will not be on the table in 2010, as the Federal Government continues to suffer significant budget deficits.
7. Medicaid planning will become even more important as individuals continue to suffer through tough economic times.
8. The “greening” of the economy will continue. Businesses will look at cost savings in this area, and reach out to customers and clients who want to do business with “green” companies.
9. While businesses may think otherwise, technology, and social networking will play an ever-expanding role in business marketing.
As these and other business developments occur in 2010, we will advise you of their impact and how you can take advantage of the opportunities presented.
For further information regarding these matters, please contact Mr. Goldberg at 248.528.1111 x664 or click here to send an email.
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