Chicago, IL (PRWEB) October 31, 2012
Baker Tilly Virchow Krause, LLP (Baker Tilly) recently published its 2012 Year-end Tax Letter to help businesses and individuals understand what they should expect at this pivotal economic time. Baker Tilly’s advice is to proceed as if the 2001 tax cuts will expire at the end of 2012, but be ready to adjust plans quickly depending upon the outcome of the November elections. With this background in mind, the letter focuses on planning opportunities, expiring tax provisions, the new 3.8 percent Medicare tax, the tax impact of the health care law, as well as other critical items.
“If one party wins the presidency and both houses of Congress, it is possible they will delay tax legislation until they assume control in 2013,” said Kelly Toole, Baker Tilly Tax Services Managing Partner. “If the election results maintain the status quo, we would expect to see some action in the lame duck session—most likely a continuation of some, but not all, of the various extender provisions and a one-year alternative minimum tax patch.”
Baker Tilly will host an annual year-end business planning webinar Thursday, Dec. 6, which will address any post-election developments. People may register for the webinar here. Additionally, Baker Tilly has recorded an individual tax planning webinar to help ensure clients’ financial, estate, and tax planning goals are met. The webinar may be accessed through the firm’s website.
About Baker Tilly
With more than 1,400 employees, Baker Tilly provides a wide range of accounting, tax, and advisory services. Ranked as one of the top 20 largest firms in the country*, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington DC, and throughout Wisconsin.
Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 125 countries, with more than 24,000 professionals. The combined worldwide revenue of independent member firms exceeds $3 billion.
*According to the 2012 Accounting Today “Top 100 Firms.”
# # #
SPECIAL INSTRUCTIONS FOR ALL MINNESOTA MEDIA OUTLETS ONLY:
All company references to Baker Tilly in this press release must be listed as Baker Tilly Virchow Krause, LLP. No shortened version of the company name is permitted.
All references to Baker Tilly International do not require modification.