Potential Tax Increases

From the AICPA -- congressional bickering over the upcoming expiration of tax cuts implemented during the G.W. Bush administration is making small-business owners nervous. Taxpayers should take steps now to prepare for an inevitable long-term tax increase -- no matter which politial party wins control of Congress after midterm elections. Among the steps to consider are revising estate plans and accelerating capital gains, compensation and the exercise of stock options into 2010.