A group of wealthy people that includes Warren Buffett, George Soros and former President Jimmy Carter is pressing Congress to roll back estate tax parameters, saying the current set-up leaves “too much revenue on the table.” The group of roughly three dozen people released a statement on Tuesday calling for both the current estate tax exemption to fall, from roughly $5 million a person to $2 million, and for the rate to rise from a top level of 35 percent to a minimum of 45 percent. [The Hill, FairEconomy.org]
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Traditionally, the role of accounting professionals in estate planning has been tertiary at best, with clients consulting CPAs only on the tax implications of select decisions—or simply leaving them out of the process altogether. As you’re certainly sick of hearing by now, however, today’s most successful CPAs are taking on more advisory functions, with one […]
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