Friday, June 1, 2012
The Subcommittee on Economic Growth, Tax and Capital Access of the House Committee on Small Business held a hearing yesterday on Planning for the Death Tax: Can Small Businesses Survive?:
The recession has been hard on small businesses, and many family-owned small firms may face yet another hurdle: business succession and the impact of the death tax, also known as the estate tax. If Congress fails to act, the current federal estate tax law will expire on December 31, 2012, and revert to the pre-2001 levels. At this hearing, Members will hear testimony on the impact of the estate tax on small businesses and the economy.
Neil D. Katz (Managing Partner, Katz, Bernstein & Katz, Syosset, NY) Karen Madonia (Chief Financial Officer, Illco, Inc., Aurora, IL) (testifying on behalf of the Heating, Air-Conditioning Refrigeration Distributors International)
Michael G. Flesher (Owner, Taylor Rental Center, Vestal, NY) (testifying on behalf of the American Rental Association) Thala Taperman Rolnick (Owner, Thala T. Rolnick, CPA, Phoenix, AZ)