Regardless of today's election results, major tax changes are imminent

News provided by

Nov 06, 2012, 01:00 ET

CLEVELAND, Nov. 6, 2012 /PRNewswire/ -- As most Americans head to the polls today, many are wondering what impact this election will have on their businesses, especially from a tax standpoint. Are we more likely to keep heading toward Ben Bernanke's "fiscal cliff" depending on the outcome of today's election? What is likely to happen to tax rates in 2013 and subsequent years? Although the fiscal cliff concept is driven in large part by mandated cuts in spending programs, the other element of the fiscal cliff is a scheduled dramatic increase in taxes, which has been one of the key political and economic issues in this election and for the last four years.

(Logo: http://photos.prnewswire.com/prnh/20120131/CL44903LOGO )

Even when the dust settles from today's elections, the tax situation for most Americans, especially business owners and higher income taxpayers, will likely remain unclear, absent a dramatic (and unexpected) result that puts one party in control of the house, senate and executive office. What we do know is that several significant tax increases are on the books and will become effective in less than two months.

Click here to read our Tax Alert, which focuses on actions that should be considered before year-end to take advantage of current tax rates.

http://www.mcdonaldhopkins.com/alerts/tax-regardless-of-todays-election-results-major-tax-changes-are-imminent

About McDonald Hopkins

McDonald Hopkins is a business advisory and advocacy law firm with offices in Chicago, Cleveland, Columbus, Detroit, Miami, and West Palm Beach. The firm's comprehensive legal services are provided by teams of specialized attorneys and professionals in areas such as business law, energy, real estate, litigation, business restructuring and bankruptcy, estate planning, government affairs, healthcare, intellectual property, labor and employment, mergers and acquisitions, and more. The president of McDonald Hopkins is Carl J. Grassi. For more information about McDonald Hopkins, visit mcdonaldhopkins.com.

CONTACT:
Deborah W. Kelm
McDonald Hopkins LLC
600 Superior Avenue, East, Suite 2100
Cleveland, Ohio 44114
Phone: 216.348.5733
Email: [email protected]

SOURCE McDonald Hopkins LLC