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October 2012 Presidential Newsletter

Bryan's Random Thoughts

Hello ,
 
We want to welcome Patti Scharf's clients to our family.  We teamed up with Patti this summer to perform income tax services for her clients.  We are very excited about building more relationships with her clients.
 
Clients have requested articles on the differences between Obama and Romney's income tax policy.  Clients have also asked for an article explaining the Fiscal Income Tax Cliff on the horizon for January 1, 2013. 
 
We have searched to try to find articles that provided unbiased information on these topics.  We hope the information is helpful.
 
We hope you enjoy this month's articles!
 
Bryan Mogg

CNNMoney, September 7, 2012

Tax battle: Obama vs. Romney (individual taxes)

Both President Obama and Mitt Romney want to change the income tax code in big ways.
 
And for good reason.
 
It accounts for nearly half of all federal revenue. But tax experts and policymakers say that money could be generated in ways that are fairer, simpler and more conducive to economic growth.
 
How best to achieve those ends, however, is the subject of endless debate. An interim step in that debate is just what to do with the Bush-era tax cuts, set to expire this year.

Click here for the entire article

CNNMoney, September 7, 2012

Corporate taxes: What Obama and Romney would do

Policymakers last overhauled the corporate tax system 26 years ago. The economy, international trade and technology have changed drastically since then.
 
The result is an outdated corporate tax code, which tax experts and business leaders say hinders rather than spurs U.S. competitiveness.
 
President Obama and Mitt Romney have promised to do something about that and have made string of corporate tax reform proposals, but they differ on how to address the most problematic parts of the code.

Click here for the entire article

CPA2Biz, September 13, 2012

Expiring provisions by the numbers

Federal tax law includes many temporary provisions. Some of these items, such as the research tax credit (Sec. 41) and the exclusion for employer-provided education (Sec. 127), have expired and been renewed many times over the past 20-plus years. A few other temporary provisions, such as the reduced FICA rate for employees and self-employed individuals for 2011 and 2012, are economic stimulus provisions not intended to be permanent. Some of the most significant temporary provisions in terms of numbers of taxpayers affected and the cost to renew are the reduced tax rates for individuals that expire at the end of 2012.
 
This article provides some numbers to help describe the expiring provisions. This data helps to illustrate the magnitude of the “temporariness” of federal tax law, the number of taxpayers affected, and the cost to renew some of these temporary provisions.

Click here for the entire article

IRS Circular 230 Notice

IRS CIRCULAR 230 NOTICE: We are required by U.S. Treasury Regulations to inform you that, to the extent this communication (including any attachments) includes any tax advice, it is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties imposed by any governmental taxing authority or agency.

In This Issue

Bryan's Random Thoughts

Tax battle: Obama vs. Romney (individual taxes)

Corporate taxes: What Obama and Romney would do

Expiring provisions by the numbers

IRS Circular 230 Notice

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Mogg & Associates, LLC • 2629 W Main St, Ste 160 • Littleton • CO • 80120

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