3/26/2010 - TAX INCENTIVES FOR SOME DONORS STUCK IN LIMBO

IRA ROLLOVER AND TAX INCENTIVES
The IRA Rollover and other tax provisions that expired at the end of last year are stuck in legislative limbo (sometimes referred to in Washington as “congressional ping pong”) because the House and Senate used different measures to pay for the costs of these provisions when they each passed the American Workers, State, and Business Relief Act of 2010 (HR 4213).  That bill would extend the IRA Rollover for one year, retroactively to January 1, 2010, and we need to convince Congress that they must resolve those differences soon to remove the tax obstacles that are preventing the many older Americans who would like to make gifts from their IRA to help people today! 

ESTATE TAX
Congress is still debating and negotiating how to re-instate the currently-expired federal estate tax which is creating new headaches for those who are now subject to capital gains taxes on inherited estates, and members on both sides of the aisle are hoping for action before Memorial Day.