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"Spring Hill College switched from a large national firm to Wilkins Miller for its auditing needs in 2004. For the past six years, we have enjoyed not only timely audit completion, but also a valued business partner. The staff of Wilkins Miller Hieronymus understands the College's business as thoroughly as any member of my staff. The continuity of the senior management team of Michael Kintz and Erin Sylvia has enhanced the quality of our financial statements in many ways. Our audited financial statements have evolved from merely a presentation of statements, required by auditing standards, to a more complete report with the inclusion of a management's discussion and analysis and statements that reflect the complete story of the College's financial position. As an administrator in higher education, we welcome the new hires of Wilkins Miller Hieronymus to our campus as they conduct field work. My entire staff and I are amazed at the professionalism of these younger accountants as they are being trained by the senior team. I am pleased that our Board of Directors has committed to another three year term with Wilkins Miller Hieronymus as our auditors."

Rhonda M. Shirazi, CPA
Spring Hill College

 
2010 Tax Relief Act is set to expire on December 31, 2012

The 2010 Tax Relief Act unified the estate, gift & generation skipping tax exemption at $5,000,000 and set the tax rate at 35% for amounts over the exemption. The exemption amount has a built-in inflation adjustment and for 2012 the exemption is $5,120,000. The Act is set to expire on December 31, 2012 and return to the provisions provided by the Economic Growth and Tax Relief Act of 2001. Thus, absent new legislation, beginning in 2013 the estate, gift & generation skipping tax exemption will return to $1,000,000 and a maximum 55% tax rate.

Many Republicans favor permanent enactment of the $5,000,000 exemption and a 35 percent tax rate (if not total elimination of the estate tax), while the Obama administration favors a $3,500,000 exemption and a 45 percent tax rate after 2012, the same rates that applied in 2009. As a result, certainty in estate planning remains lacking.

As you can see, time is running short. The ability to make gifts of up to $5,120,000, without the payment of gift taxes, may not be available after 2012.

Please call our office as soon as possible if you would like to discuss how these issues may impact your current estate and gifting plans.