Free Site Registration


More Debits & Credits Posts

Charting the Fiscal Cliff

Print
Email
Reprints
By Michael Cohn
November 28, 2012

Financial advisor Leon LaBrecque and his team at LJPR LLC have created a helpful chart to help people get a better understanding of the so-called fiscal cliff.

Washington has become increasingly consumed with the fiscal cliff as the deadline moves closer to the end of the year. The cliff involves the expiration of the current tax rates, along with deep spending cuts that will be required in both defense and domestic programs by the federal government. Combine that with the end of federal unemployment insurance for millions of Americans, the expiration of a host of tax cuts including the payroll tax cut, the still unpatched alternative minimum tax, and the need to soon lift the debt ceiling, Washington has a pretty full plate these days.

LaBrecque, a CPA, CFP and CFA who is managing partner and chief strategist at LJPR, which manages over $470 million in assets, hopes the chart will make the fiscal cliff easier to grasp. His firm handles financial planning, estate planning, business and tax planning for individual and business clients, and he formerly worked at Arthur Andersen and Plante & Moran, as well as the University of Detroit.

Leon LaBrecque

“We have created a chart to gauge the overall potential effects of the looming cliff,” he said. “This chart focuses on the magnitude of each component of the cliff, danger zones, who is impacted—and to what extent—as well as likely fixes and the probability of those fixes actually taking place. We believe this chart is far-reaching and a valuable resource to most individuals, directly addressing the biggest tax increase/spending cut in history.”

LaBrecque has been studying the problem for some time and produced a white paper on the subject over a year ago.

0 Comments

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Debits & Credits, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.


Follow Accounting Today
Advertisement


Advertisement

Lessons in M&A: Client and Staff Retention

April 14, 2014

Transition Advisors president Joel Sinkin talks about what firms should do after a merger to retain their clients and staff members.

Are You Missing These Growth Opportunities?

April 2, 2014

Gale Crosley of Crosley + Company discusses the practice areas and international opportunities that firms often overlook in trying to grow.

Advertisement

SLIDE SHOW

Dumbest Employee Excuses for Being Late

March 31, 2014

Running a little late could have big repercussions, especially at a firm in the midst of busy season. From escaped zebras to must-see TV, employers told CareerBuilder some of the most memorable excuses they've heard from tardy employees.

Common Taxpayer Misconceptions

March 19, 2014

The NAEA’s collection of ridiculous things tax clients believe.

The 10 Fastest-Growing Firms in the U.S.

March 10, 2014

The firms with the highest 2013 revenue growth in our Top 100 Firms/Regional Leaders list.

Top 10 Tech Trends for 2014

March 3, 2014

As companies gain more affordable access to new technology and platforms, they also seek to make smarter investments.

Strangest Tax Deductions

January 31, 2014

The Minnesota Society of CPAs recently conducted its annual survey about the most strange and unusual tax deductions proposed by clients.

Advertisement
Advertisement
Advertisement