The Accountant's Business Manual, 2 vols.The Economic Growth and Tax Relief Reconciliation Act of 2001 is forcing a major update to The Accountant's Business Manual, an AICPA AICPA See American Institute of Certified Public Accountants (AICPA). publication issued in hardcopy and, soon on CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). . William H. Behrenfeld, JD, LLM LLM abbr. Latin Legum Magister (Master of Laws) LLM Master of Laws [Latin Legum Magister] Noun 1. , CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , one of the two main preparers of the manual, revised --or more accurately, overhauled --the gift and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the chapters. "Because of the new tax law we've had to make major changes to the estate planning and trust chapters," Behrenfeld said shortly before the revisions were released. "The changes in the law are quite confusing." The manual details the departure from the so-called "unified method of taxation" that until now kept the gift tax and estate tax exemptions at the same level. The changes, Behrenfeld said, make it rather difficult for the practitioner to help clients plan beyond 2010, when the act takes full effect. The act is already set to be repealed in 2011. Each year, beginning in 2002, the amount exempt from the estate tax will increase, gradually rising from $1 million to $3.5 million in 2010, after which the amount returns to the level of 2002. Meanwhile, the gift tax exemption goes in its own direction, rising to $1 million in 2002 and remaining level until 2010. The manual is generally technical but also tries to reflect the mutability mu·ta·ble adj. 1. a. Capable of or subject to change or alteration. b. Prone to frequent change; inconstant: mutable weather patterns. 2. of certain business areas. Behrenfeld, who is the author of "The Estate Planning Desk Book," advises tax planners to "remain flexible." "It's really a crazy situation," Behrenfeld said. "You really can't plan beyond 2010 with any feeling of assurance that this is where we're going." The Accountant's Business Manual by William H. Behrenfeld, JD, LLM, CPA, and Andrew R. Biebl, CPA Accountant's Business Manual has proven to be a dependable complete "quick answer book" on a wide array of business, legal, tax and financial questions. Updated twice a year. Two-volume loose-leaf. More than 1,000 pages. Special Bonus: ABM ABM: see guided missile. ABM - Asynchronous Balanced Mode Toolkit on CD-ROM. Product Number 029418. More resources online at www.cpa2biz.com. Toll-free (888) 777-7077. |
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