1. Washington’s Tax Tangle
This year marks the third in a row that taxpayers have approached the holidays with major
tax issues left unresolved by Congress.
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LAW OFFICE OF DAVID PARKER BLOG
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2.  Along with the presents, the Christmas feast, and ringing in the
New Year, the end of the year is the time for tax planning.
Unfortunately, this year as for the last two, the government is
not making tax planning easy – or even possible – for many
taxpayers. The Supercommittee has failed to address the
nation’s fiscal problems, and Congress is leaving many issues
about the tax code on the table to be dealt with later. The fact
that next year is an election year makes “later” more
problematic than normal, too.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  At least two of the nation’s major financial authorities, Forbes,
“Yearend Tax Planning In Uncertain Times” and the Wall
Street Journal “The Tax Mess Deepens” are offering some
advice regarding how to navigate the tax-planning waters, so
crucial for New York asset protection, in a time of such
uncertainty and political indecision. Your own situation and
your particular circumstances will of course dictate the actions
you take in preparing yourself for whatever contingencies
Congress finally sends our way. For NY estate planning
purposes, too, you will want to consider the bite from your
income taxes may take and how you can best plan for that.
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4.  One issue on the table involves the payroll tax holiday, which
may or may not be extended for another year. (The Democrats
and the President want it extended, and the Republicans have
signaled their willingness to go along in exchange for
concessions on other fronts.) Originally scheduled to expire at
the end of the year, the 2% payroll tax break benefits anyone
who works for a living. It will certainly be ended at some point,
but exactly when remains uncertain.
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LAW OFFICE OF DAVID PARKER BLOG
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5.  Then there is the Alternative Minimum Tax. It’s broadly agreed
that this feature of the tax code needs to be amended to avoid
penalizing middle-class taxpayers who are not its intended
targets, but exactly how to amend it remains a matter of dispute.
And then there is the fact that Congress has yet to even set
income tax rates beyond next year, which makes long-range tax
planning extremely difficult if not impossible – and did I
mention that 2012 is an election year? Add the uncertainty of
who will control Congress (or even the White House) in 2013
and things become even more interesting.
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com