Tax News You Can Use: Congress is Now on August Break — What Can We Do While It's Out and What Can We Expect When It Returns
With both houses of Congress in recess until the week of September 13, here are some things you should think about related to GRATs and IRA Charitable Rollovers. There's also an overview of pending income tax adjustments that Congress may address when they reconvene.

Tax News You Can Use: Major Federal Tax Policy Decisions, Many of Great Interest to Our Clients, Remain on Hold in Congress
With only a few short weeks left on the 2010 legislative calendar, Congress has not yet addressed major tax issues. This issue of Tax News You Can Use explores what is at stake.

Tax News You Can Use: Closing GRAT Window and other Developments
In late March, the House of Representatives passed legislation (H.R. 4849) that would have barred short-term grantor retained annuity trusts. Although H.R. 4849 is now moribund, identical GRAT limitation provisions are now included in a new jobs bill just introduced by House Ways and Means Committee Chair Sandy Levin. Anyone considering a short-term GRAT needs to understand that the window of opportunity is now closing... and that the time for action has arrived. Read Tax Strategist Grace Allison's insights for more details.

Tax News You Can Use: A Closer Look at the 3.8% Surtax
Northern Trust Tax Strategist Grace Allison discusses the details of how the 3.8% income tax surtax will affect individuals, trusts and estates.

Tax News You Can Use: As Congress Turns to Taxes...Five Big Things to Watch For
Congress continues to grapple with a number of difficult tax issues, many affecting affluent taxpayers. Increasingly, the stalemates are as important as the enacted legislation... For details, see the analysis below.

Tax News You Can Use: A Torrent of Tax Legislation? Health Care Reform, HIRE Act, Extenders, Jobs Bill
In addition to health care reform, approved by the House on March 21, and the recent Hiring Incentives to Restore Employment (HIRE) Act signed into law on March 18, Congress is considering extenders' legislation and a second jobs bill. Northern Trust Tax Strategist Grace Allison discusses the impact of these changes.

Tax News You Can Use: Transfer Taxes in 2010?
This Tax News You Can Use provides a brief, plain-language summary of exactly how the estate, gift, and generation-skipping tax rules have changed in 2010. These changes may affect your estate plan in ways you never intended. Read further to understand why you need to have your current documents reviewed now by your estate planning attorney.

Tax News You Can Use: The President's Budget Proposal for Fiscal Year 2011: A High Level Summary
Although Congress is not required to act on the President's proposals, there is no doubt that this 2011 budget will have an important influence on the tax environment in 2010. Your potential considerations include: when to recognize long-term capital gains, whether to accelerate income into 2010, when to establish a GRAT and whether to transfer limited partnership interests.

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