Baker Tilly Encourages Early Tax Planning to Avoid 2014 Tax Traps

Midyear Tax Planning Letter addresses key changes in tax law

CHICAGO (June 18, 2014) – Accounting and advisory firm Baker Tilly Virchow Krause, LLP (Baker Tilly) is encouraging clients to plan ahead for the 2014 tax season. Diligence now will give taxpayers time to understand and take advantage of a number of changes that have already been made to federal tax regulations and plan for provisions that could find their way into upcoming legislation. Baker Tilly discusses these opportunities and considerations in its recently published 2014 Midyear Tax Planning Letter.

With congress contemplating significant tax changes, including tax reform; states and local municipalities enacting and enforcing laws to generate revenue; and the IRS scrutinizing the foreign income of U.S.-based companies, the tax environment is presenting new challenges for individuals and businesses.

In addition to weighing the possible legislative outcomes, Baker Tilly’s 2014 Midyear Tax Letter includes various tax strategies for trusts and estates, corporations and business partnerships. It also discusses the number of changes that have been made to the Affordable Care Act, the repair and maintenance regulations and the American Tax Relief Act.

Baker Tilly’s 2014 Midyear tax Planning Letter is available for free download at http://www.bakertilly.com/insights/2014-midyear-tax-update. For more information about Baker Tilly’s tax planning services, visit http://www.bakertilly.com/services/tax.

About Baker Tilly Virchow Krause, LLP (bakertilly.com)

Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 countries, with 30,000 professionals. The combined worldwide revenue of independent member firms is $3.2 billion.