June 29, 2012
Joseph Perry, Partner-in-Charge, Tax & Business Services, Quoted in Dow Jones Newswires Article "DJ GETTING PERSONAL: Health-Care Victory Spurs Tax Plans"
By Arden Dale
The Supreme Court's decision on health care helps clear up--to a small but important degree--the outlook for those who expect higher taxes next year and want to plan around them.
Joseph Perry, head of the tax practice at Marcum LLP, a New York accounting firm, has briefed people on the possible tax hikes since the start of the year. Until now, strategies have remained so much speculation.
"There's definitely more certainty now," says Mr. Perry.
An entrepreneur who sold off a business in an agreement that spreads out payments over years is another obvious candidate. Mr. Perry says he talked to a man earlier this year in just this kind of spot. When the accountant suggested possible tax hikes in 2013 might make it wiser to sell sooner, the man replied that he didn't want to pay that much tax all at once.
Now, the man faces a hike of at least 3.8% on gains from the business unless he sells this year.
"I'll speak to him about it again, give him the option of what to do," says Mr. Perry.