The 2001 tax law
Note: The states may or may not conform to the new
rules. California now conforms to the 2001 federal changes, including
increased limits on 401(k) and pension contributions.
Follow the links below for more
information.
2001 tax law
summary,
by James Lange, Esq., CPA
New
retirement plan limits - tables only
2001
Tax Law Letter - June 2001 Review our client letter overviewing the
changes
2001
tax cut legislation - this is an official summary prepared by the House/Senate
Joint Committee on Taxation.
The
2001 Advance Payment (aka 'the Rebate") causes a lot of confusion. IRS
provides detailed explanation for most taxpayer situations.
When preparing 2001 income tax returns... the advance payment is not
included in taxable income however, it is used in the calculation of the 2001
federal income tax. If an advance payment was received then the "rate
reduction credit" is not allowed, or is reduced, on the 2001 return. If
you do not remember the amount of your advance payment you can call the
automated IRS telephone number
1-800-829-4477.
The
Estate and Gift Tax Bulletin, June 24, 2001:
Estate and Gift Taxes: What Will
Congress Do Next?
by John Buckley
Efforts
under way to make tax cuts permanent, Individual Income Tax Bulletin, July 2,
2001
The following items represent parts of the
early history of the 2001 tax legislation:
