Baker Tilly Releases Midyear Tax Update
CHICAGO, Ill., June 7, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Baker Tilly Virchow Krause, LLP (Baker Tilly) recently published the first installment of its 2013 Midyear Tax Update. This first installment focuses on helping businesses determine what they should consider as Congress contemplates tax reform and numerous tax provisions set to expire Dec. 31, 2013. Baker Tilly advises maintaining a flexible game plan and adjusting your tax strategy as developments occur. With this background in mind, the update focuses on prospects for tax reform, expiring tax provisions, repair and maintenance regulations, corporate planning as well as other crucial tax-related topics.
"Even if comprehensive tax reform does not pass, numerous other provisions that are considered 'revenue raisers' and 'loophole closers' could be enacted while the country continues to struggle with the budget deficit," Kelly Toole, Baker Tilly Tax Services Managing Partner, said. "To further complicate matters, many components of the health care legislation are scheduled to take effect in either 2013 or 2014, including penalties for businesses that fail to provide sufficient insurance to their employees."
The next two installments of Baker Tilly's update will be released in the coming weeks to thoroughly address this year's most critical issues. The second will focus on health care reform, including the 3.8 percent Medicare tax and "pay or play" regulations. The final installment will cover individual tax planning with an emphasis on trusts, estates, and business succession. Future installments will be available at bakertilly.com.
About Baker Tilly
With more than 1,600 employees, Baker Tilly provides a wide range of accounting, tax, and advisory services. Ranked as one of the top 20 largest firms in the country*, Baker Tilly serves clients from offices in Chicago, Detroit, Minneapolis, New York, Washington DC, and throughout Wisconsin.
Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 131 countries, with 26,000 professionals. The combined worldwide revenue of independent member firms is $3.3 billion.
*According to the 2013 Accounting Today "Top 100 Firms."
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