New Changes to Support the 2010 Tax Act

Impact is pleased to announce the release of the 2010 Tax Act calculation update to both its retail and corporate clients.  This update adds to the software, the new estate and gift tax calculations for years 2011 and 2012.  These changes include:

• A Basic Exclusion Amount of $5,000,000
• Portability of the Exclusion Amount from one spouse to the surviving spouse
• Unification of the Estate, Gift, and Generation Skipping Transfer Taxes

For death or gifts in 2013 or later, there will be no changes other than to reflect a death or gift in 2011 or 2012.  Similar to the current calculations, Impact tools will continue to reflect the reversion to 2001 provisions as the law now specifies.

The Impact release scheduled for the Spring of 2011 will add new comparison pages which demonstrate possible assumptions about estate taxes for 2013 and beyond plus presentation pages to help users further explain planning opportunities created by the new law.