CHICAGO, Dec. 20, 2011 /PRNewswire/ -- The U.S. budget crisis means the federal tax system faces significant uncertainty in the future, as tax cuts expire and the system faces possible overhaul. Despite this, a number of tax-planning strategies can still be implemented before the end of the year. To help businesses and individuals determine their proper strategy, Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., has released its 2011 Year-End Tax-Planning Guide.
"It's safe to assume that by the end of 2012 the tax-rate structure will be different and it's likely that at least in some areas, we'll have higher taxes," said Lou Miller, a partner and leader of Crowe's National Tax Office. "For now, it's important to watch Congress closely so that organizations are prepared to react. It's also more important than ever to take advantage of possible deductions and incentives, particularly those that will expire at the end of this year."
For businesses, the Crowe Year-End Tax-Planning Guide offers insight on the following topics:
- Dividend planning;
- Bonus depreciation;
- Expanded small business expensing;
- Domestic production activities deduction;
- Cell phones provided by employers;
- S-corporation built-in gains period;
- Tax planning – accounting methods;
- Accelerating and deferring income;
- Automatic accounting changes;
- New safe harbor for transaction costs;
- Proposed tangible property regulations
- New tax reporting requirements; and
- State and local tax issues.
For individuals, the guide looks at:
- Deferral/acceleration of income/expense;
- Capital gains planning;
- Roth IRA conversion opportunity;
- Accelerated AMT credits relief;
- New foreign bank account reporting requirements; and
- Estate and gift tax planning.
To download the guide and watch a video clip offering additional insight, please visit www.crowehorwath.com/taxguide2011. For the most up-to-date information on current tax legislation, please visit www.crowehorwath.com/taxblog.
About Crowe Horwath
Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe assists public and private company clients in reaching their goals through audit, tax, advisory, risk and performance services. With offices coast to coast and 2,500 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest networks in the world. The network consists of 150 independent accounting and management consulting firms with offices in more than 580 cities around the world.
SOURCE Crowe Horwath LLP