On Bauer Business Focus — A conversation on tax changes with Andrew Schneider, business reporter for KUHF 88.7 FM.
Your calendar is probably already marked for Monday, April 15, 2013, better known as Tax Day for U.S. residents. South Texas College of Law Associate Dean Bruce McGovern visited Bauer Business Focus recently to talk taxes, particularly what changes filers will see this year due to the American Tax Relief Act.
The act was passed by U.S. Congress in 2013 and aims to be a partial resolution to the U.S. fiscal cliff by addressing the expiration of certain provisions of tax cuts passed under the previous administration in the early 2000s. A compromise measure, the act makes the lower rate of the earlier cuts permanence while retaining higher tax rates for upper income levels.
While individuals won’t see changes until 2013 income taxes are due, McGovern cautions business owners that many uncertainties stemming from the act still linger.
“Businesses going forward are in a position of some uncertainty as to what provisions Congress will extend, which ones will it make permanent and what will disappear,” McGovern added. “Congress will have to revisit these issues, and they could do that as part of the negotiations of the debt ceiling, they could do that with the issue of budget cuts, or it could be addressed at the end of the year. Businesses will need to keep an eye on Capitol Hill, but it will be awhile before we know what they do.”
Click here to hear the full interview.