Dr. Robert Kent is changing the way health care is delivered
Summer 2012
keeping trackExpiring tax cuts
get to knowDirk Ahlbeck
focus onServe, Share & Give
Healthy results
2 ss&g solutions summer 2012
going for gold
AKRON301 Springside Drive
Akron, OH 44333
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What makes your business distinct?Do you want to grow your customer base? Improve
profitability? Beat out your competition? The way to
do it is simple: Stop selling, and start captivating.
Advertising guru and motivational speaker
Sally Hogshead says companies succeed when they
fascinate. This is defined as the ability to irresistibly
draw one’s attention. But how can you stand out from
the crowd and command interest?
It’s about possessing the power to persuade and
the ability to do it quickly.
Consumers’ attention spans have been rapidly
shrinking because of the fast-paced, on-demand
environment of the Internet. Some reports estimate
the average person’s attention span is as short as
nine seconds … the same as a goldfish. People are so distracted it leaves you little
time to make an impression and hold one’s interest.
If you’ve gotten to this sentence, your attention is twice as strong as a fish. Stick
with me.
Think of your brand. What about you or your company is different? And what about
that difference is attractive? Average should never be good enough. And mediocrity
must be unacceptable. You can’t be like everyone else.
Think of it like falling in love. You have to reveal, share, and continually
demonstrate what makes you different from the next guy or gal.
Just as a great relationship doesn’t require you to be the best looking, success in
business isn’t about having the fanciest product. Oftentimes, you don’t even need to
be the best.
Great brands are built on the attraction they provide their clients. Customers
typically don’t rely on a simple, rational reason — like price — for sticking with a
company. Something about the relationship generates loyalty, and that leads to
their advocacy.
Identify what it is that you say or do that people care about. What makes you
distinctive, original, or even quirky? Own it. Amplify it. And use it to provide your
customers something that evokes a strong reaction.
The world — and your business — will not be changed by the people who sort of
care, so make the most of your time and uniqueness.
Mark Goldfarb, CPA
Managing Director
IRS Treasury Regulations require us to inform you that any tax advice contained in the body of this communication was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.
3summer 2012 ss&g solutions
first person
Dirk AhlbeckTitle: Managing Director, Des Plaines, Ill.
Education: Bachelor’s degree in accounting from Michigan State University
Hometown: Park Ridge, Ill.
Year I joined SS&G: 2010 (when Ahlbeck & Co. merged with SS&G)
The word that best describes me: Efficient
I am a member of: the corporate board of Avenues to Independence, a nonprofit organization serving developmentally disabled adults; the finance committee of my church; and the membership committee of the Illinois Restaurant Association.
I’ve been recognized for: our work with our nonprofit clients.
The best part about my job: is being a trusted adviser to my clients.
The best piece of advice I’ve received: My father often says that when dealing with difficult people, “You can’t be responsible for other people’s behavior.”
Book of note on my shelf: “Power Questions: Build Relationships, Win New Business, and Influence Others” by Andrew Sobel and Jerold Panas
The biggest challenge I’ve overcome: Being impatient with others
If I could change anything in my career: I would have done more traveling after college before starting work in my profession.
If I could give one piece of advice to executives: A.J. Pasant, founder of Jackson National Life Insurance Co., talked to a group of us during college and said the six most important words are: “Nothing happens until something is sold.” I did not know what that meant then, but I certainly know what it means now.
A great leader is: a person who can get someone to do something without them knowing it.
The business leader I admire most: Dale Carnegie. What was written in his 1936 book, “How to Win Friends and Influence People,” is still applicable today.
My business philosophy: When there is a problem, come up with a solution to solve it rather than complain about it.
The greatest invention of the last 10 years: is the iPad, by far. The U.S. Air Force just purchased 20,000 for military use.
If I weren’t doing this, I would: be like Burt Lancaster’s character in the movie “Airport.” I would be in charge of Chicago O’Hare International Airport and deal with all of its issues. It never ceases to amaze me that there is so much going on from 4 a.m. until midnight every day of the year. I also like that I am only 15 minutes away from hopping on a plane to go anywhere in the world.
I’m most proud of: my children, Emma and Brendan. They put a smile on my face no matter what kind of day I have had.
I hope I never: die young.
A little-known fact about me: I have not been on a road trip lasting longer than six hours in the past 26 years. I’d rather fly.
My next goal is to: integrate the efforts of the downtown Chicago and Des Plaines offices.
My favorite place in the world is: Seven Mile Beach on Grand Cayman Island, British West Indies.
When I get discouraged, I: turn to Tracy, my spouse. She always has the right answer.
My attitude toward change is: to embrace it. Things are always changing — often for the better in the long run.
I’m inspired by: people who have to overcome a physical challenge.
Success is: having a happy and healthy family, including my new dog, Nellie. j
4 ss&g solutions summer 2012
The U.S. economy appears to be gaining some
momentum. And yet, Americans should
collectively plan for a little more economic
uncertainty as they prepare for the upcoming tax
season. In 2013, the country is set to face an across-the-
board tax rate increase for the first time in 20 years, says
David McClain, a manager in tax at SS&G.
“It affects everybody from middle-income families
up through high-net-worth individuals, small business
owners and everybody in between,” McClain says.
“Pretty much any individual who pays income tax is
going to end up paying more if nothing happens.”
Although the 2010 Tax Relief Act renewed the Bush-era
tax cuts and other tax provisions through 2012, Congress
has yet to agree on a larger tax bill that would extend
them through 2013 or beyond. The probability doesn’t
look good that such a bill will pass by the end of the year.
“With it being an election year, the political climate
being what it is, and the budget issues that are currently
facing Congress, a lot of what we’ve heard is, ‘Don’t
expect to see an across-the-board extension of these
expiring provisions,’” McClain says.
As of now, it’s likely the cuts will be phased out
as planned Dec. 31. So it’s time for businesses and
individuals to start planning for the potential effects.
Everybody hurtsIf the Bush-era tax cuts expire in 2013, the subsequent
hike in personal income taxes will affect individuals at
all places in the tax spectrum.
First, the highest income tax rate will jump from 35
industry
A tax to grindWhat expiring Bush-era tax cuts mean for 2013 tax planning
to 39.6 percent, and the lowest bracket, 10 percent,
will disappear completely — making the new lowest
bracket 15 percent. The government will also replace
the middle brackets — 25, 28, and 33 percent — with 28,
31, and 36 percent brackets, respectively.
Americans in the middle will lose the benefit of
the graduated tax system, meaning they’ll pay more
as well, says Steve Magovac, associate director in tax
for SS&G. Because the alternative minimum tax is not
indexed for inflation, more middle-income individuals
could also be subject to alternative minimum tax
starting in 2013. Currently, taxpayers pay the greater of
regular tax or AMT, where the AMT rate is 28 cents on
a dollar. The AMT tax allows no deduction for personal
exemptions or for the standard deduction.
In addition, the 40 percent of taxpayers benefiting
from the marriage penalty relief provision will see this
measure expire in 2013, with limitations on itemized
deductions and personal exemptions resuming Jan. 1.
Their standard deduction — currently 200 percent
the amount of unmarried filers — would return to
approximately 167 percent.
More money, more problemsAll of these potential changes make it difficult for
taxpayers to determine their tax liability going
into 2013. But high-income individuals will get hit
particularly hard by the expiration of the tax cuts.
“Pretty much any individual that pays income tax is going to end up paying more if nothing happens.”
— David McClain
Logically, if individual tax rates rise, a higher-income
person would be taxed at a higher rate. But high-net-
worth individuals also tend to invest money in areas
that pay dividends and buying and selling stocks that
generate capital gains.
Currently, both capital gains and qualified dividends
are taxed at 15 percent. But if Bush-era cuts expire, taxes
on capital gains will jump to 20 cents on the dollar, and
qualified dividends will coincide with a person’s income
tax rate.
“Now, all of a sudden, your capital gains rate could go
from 15 to 20 percent and your dividend income tax rate
can go from 15 all the way up to 39.6 percent if you’re in
the highest tax bracket,” McClain says.
Furthermore, some wealthy individuals would be
subject to other taxes that wouldn’t affect the typical
taxpayer. In 2013, the lifetime estate tax exemption will
fall from $5.12 million to $1 million. Also, a 3.8 percent
Medicare tax on all net investment income kicks in Jan. 1
as part of Patient Protection and Affordable Care Act. The
tax applies to interest, dividends, royalty income, rents,
and capital gains for individuals with income exceeding
$200,000, or $250,000 for married couples.
So if you’re a high-net-worth individual who is
married and has $300,000 in qualified dividend income,
your 2013 tax rate would be 39.6 percent, plus a 3.8
percent Medicare surtax.
These higher rates could not only significantly affect
wealthy individuals but also businesses. If stockholders
pay significantly more on dividends in 2013, it could
damage certain investor groups funding the economic
turnaround, says Floyd Trouten, director in tax at SS&G.
“Now the group that probably takes the greater risk
has to think twice because along the way, they have to
pay a much higher rate as they get paid on their return
on investments,” Trouten says.
In 2013, businesses are seeing the loss of accelerated
depreciation deductions, which enable them to expense
many assets immediately that would otherwise be
capitalized and depreciated over five, seven or 15 years.
Section 168(k) bonus depreciation allowed taxpayers
to immediately expense 100 percent of certain new
property in 2011. This benefit was cut to 50 percent
in 2012 and will be gone completely in 2013. Section
179 expensing has also allowed companies to expense
certain property up to $500,000 as long as they didn’t
buy more than $2 million worth. In 2012, the Section 179
expensing will also drop to a maximum of $25,000.
“Those are two big provisions that have really spurred
businesses to go out and invest in new equipment and
put money back in the economy,” McClain says.
5summer 2012 j ss&g solutions
“If you’re a very wealthy family, either you use it or you lose it.”
— Floyd Trouten
Navigating the ‘what ifs’Taxpayers may have to wait for the outcome of November
elections to gain more certainty about their financial
future. But that doesn’t mean they should wait to talk
with their certified public accountants or tax advisers to
discuss potential strategies for the end of the year.
“You need to plan for the worst-case scenario, which
is everything expires and nothing gets patched,” McClain
says. “You need to plan for what you realistically think
may happen, and then you want to run a couple of
different scenarios of ‘what ifs’ in between those.”
Businesses should take a hard look at current cash
flow and projected purchasing for 2013 to determine what
makes sense. They may decide to accelerate revenue
or take advantage of the low capital gains rate in 2012.
Business owners can also look for incentive programs to
help fund future investment in growth and expansion.
As for high net worth individuals, those sitting on a
lot of unrealized capital gains should think about selling
their stocks before Jan. 1 to lock in a 15 percent rate.
Similarly, wealthy individuals with large estates should
consider transferring assets now to benefit from the $5
million estate tax exemption.
“If you’re a very wealthy family, either you use it or
you lose it,” Trouten says.
Like businesses, individual taxpayers can start by
examining their cash flow and projected investments
to identify areas for prospective savings. To avoid
paying AMT next year, certain individuals may want
to accelerate income into 2012. Or, by postponing
deductions they’d normally take at the end of the year,
such as charitable or real estate taxes, they could make
more money off the same dollar deduction in 2013.
The critical piece is to make these decisions with all of
your facts.
“You certainly don’t want to have the tax tail wag
the dog,” McClain says. “You don’t want to liquidate a
portfolio and then sit there and not earn any income on
that either. That’s why it’s important to start early and
look at all of the different scenarios.” j
case study
Dr. Robert Kent, president and CEO, Western Reserve Hospital Partners
ss&g solutions j summer 20126
7summer 2012 ss&g solutions
D r. Robert Kent believes health care can be delivered in much better ways than
traditionally provided by most hospitals. And he’s not the only doctor who thinks so.
Not only does he believe hospitals can improve patient care services, but he also is
certain they can streamline the way they run their facilities. All it takes is some different thinking.
Kent says most hospitals focus strictly on sick patients and increasing revenue, are slow to
implement necessary changes, and don’t provide a consistent experience. This prompted Kent
to travel the country, exploring the opportunities and benefits of physician-owned hospitals.
“I spent nearly two years learning what things physician hospitals did well, the things they
did poorly and which ones were successful,” Kent says.
With his newfound knowledge, he returned to the area and engaged physicians with
a similar mindset, forming Western Reserve Hospital Partners, a group of 215 physician
investors who are majority owners of Summa Western Reserve Hospital. Kent serves as the
group’s president and CEO.
The hospital, a partnership with the Summa Health System and the only physician-
owned, for-profit, full-service hospital in Northeast Ohio, is patient-centered and nurtures an
environment where doctors have greater input to create a lean organization.
“The prime focus is making sure we are not acting like a traditional hospital,” Kent says.
“If we start acting like a traditional hospital, we are in trouble.”
This attitude has made Western Reserve Hospital one of the region’s most dynamic
organizations and is changing how physicians think about health care delivery.
Don’t think like a hospitalKent created Western Reserve Hospital Partners and garnered support from hundreds of other
physicians because they believed they could run a hospital better than many in operation today.
Kent’s biggest challenge now is to maintain everyone’s focus on innovation.
“We’re a physician organization that happens to manage and operate a hospital,” Kent says.
“It’s not a hospital trying to figure out how to manage doctors.”
One who shares Kent’s attitude toward health care delivery is Dr. Eric Espinal, chairman of
the department of surgery at WRH.
“Our vision is that our hospital, but more importantly the system that revolves around the
hospital, is very focused on providing very high-quality care to patients in a very special way,” Phot
o: Je
ff D
owni
e
HEALTHY
How a new way of thinking at a local hospital is changing the way health care is delivered
RESULTS
8 ss&g solutions summer 2012
Espinal says. “As we subscribed to other physicians and
got others to join us, that was always what everyone
wanted to focus on. There are many great hospitals in
Northeastern Ohio, but we thought we could change in a
positive fashion the way care was delivered.”
Kent strives to make sure physicians, rather than
committees, make decisions and do what’s right for patients.
“At a big organization, the message and vision can
get lost, and the organization can’t move at the speed
it needs,” Kent says. “We are in a very dynamic market
here in Northeast Ohio with a strong institution like the
Cleveland Clinic. We need to think faster and smarter
than an organization like that. We can’t outspend
them, nor can we outbid them, so it’s important we are
centered on the patient and all of our decisions for the
patient are physician-driven.”
To make this work, the physicians constantly
communicate with one question in mind — what is best
for patients?
“It’s very easy to fall back into your old ways of
thinking,” says Dr. Charles Fuenning, chief medical
officer at WRH. “You have to be so cognizant of that. It’s
really trying to change some of the paradigms. Instead
of the old tried-and-true methods, we’re trying to focus
on issues from a slightly different perspective, moving
much quicker and faster.”
As health care continues to change, hospitals cost
the most in the health care equation. Hospitals must
get away from the approach of strictly taking care of
sick people and, instead, make sure the care is more
encompassing, Kent says.
“With hospitals, sometimes the failure is in the care,”
Kent says. “It’s not just a revenue situation. The change
in mindset is how we make people healthier and not just
keep them out of the hospital but take care of them via a
process of continuing care. In a hospital, you think about
revenue and how that is tied to more sick people. ‘How
do you get more sick people here?’ is often the question.
How do you get more procedures, more widgets, so to
speak? We’re trying to change the mindset that this is
not about revenue and widgets. This is about how we can
literally make sure the care is done before the patient
gets here, eliminating — if possible — the need for the
person to come to the hospital. That’s just not how
traditional hospitals usually think.”
Surround yourself with great peopleAs in any type of business, the success of an
organization starts and ends with the people. Kent made
sure physicians who invested in and were coming to
practice at the hospital were the right fit.
“We were extremely selective on making sure the
people who are part of our organization have the same
way of thinking from the get-go. We wanted people who
shared the same vision of how we wanted to deliver
care. That led to the creation of a set of credentials and
standards for people to practice here that are among the
highest in the region.”
At WRH, the medical staff must participate in an
annual patient satisfaction training program, and
individual patient satisfaction scores are monitored and
considered in determining whether a physician is given
a reappointment to the staff. Medical staff must either
be board certified at the time of appointment or obtain
certification within five years.
Practitioners also must sign a code of conduct and
abide by it, a practice that accrediting bodies such as The
Joint Commission have just recently recommended.
Not every physician was interested in such a selective
process, but it helped create a staff that believes in the goals.
“It was probably one of our biggest hurdles but also
one of our biggest successes because our medical
staff now is so completely engaged in our vision. Most
hospitals can’t say that.”
Not only does WRH boast a top-notch staff of
physicians, but being physician-owned allows the
hospital to make quick, smart decisions without the
usual influences most hospitals have to deal with.
“As physicians, we understand the needs of patients
as well as what is a legitimate need in equipment
purchasing decisions,” Kent says. “Our experience as
health care providers also gives us insight into launching
new initiatives or programs and determining which
programs are efficient and work well. Having that driven
by physicians, there’s no rhetoric about in-between steps
or talk about hiring consultants because this is what we
do every day.”
By involving physicians in the process of operating
the hospital, the group knows what is necessary to be
efficient and what patients are asking for, Espinal says.
“I think the key to success is being able to respond to
the needs of our patients. That can’t always be done in
a large hospital system that has lots of committees that
Dr. Eric Espinal (L), chairman of the department of surgery, with Dr. Charles Fuenning, chief medical officer at Western Reserve Hospital.
Phot
o: K
en L
ove
9summer 2012 ss&g solutions
have to approve changes. If we see a need, we can move
very quickly toward finding a solution.”
WRH’s leaders are still practicing physicians and
understand when certain changes are needed.
“At our hospital, when a problem arises, you know
the physicians who are leaders understand that this
really is a problem,” Espinal says. “If you see something
happening with a patient experience and you can talk
to a doctor who can effect a change, it matters. There
isn’t a need for a meeting. You don’t have to spend time
convincing someone that something needs done. You can
just show the situation, and the physicians in leadership
roles understand.”
Deliver a great experienceWhile WRH is changing many aspects of health care
delivery for the better, some negative perception remains
toward physician-owned hospitals because most are
specialty-based institutions.
“About 95 percent of physician-owned hospitals across
the country are specialty-based,” Kent says. “Most are
not full-service hospitals. They do not have emergency
departments or intensive care units but instead focus on
one or two specialties, such as cardiology or orthopedic-
related care. We had to fight a lot of myths that tie
physician ownership to specialty-only hospitals. I try
to reiterate that this is not a specialty hospital. This is
a full-service, community-based hospital that happens
to be owned by physicians. Right now, in our market,
we have the highest satisfaction rating of any hospital.
That’s not by happenstance. That’s by making sure the
patient is first.”
The patient satisfaction survey conducted earlier this
year by the Hospital Consumer Assessment of Health
Providers and Systems showed WRH was ahead of the
competition in overall patient satisfaction, with 65
percent rating WRH a 9 or 10. Its nearest competitors,
Robinson Memorial, Wadsworth Rittman, Barberton
Hospital and Akron City Hospital, had 50 percent or
fewer respondents rating them a 9 or 10.
WRH puts its patients first in every decision it makes
and has placed an emphasis on wellness and the patient
experience. For example, the hospital has launched
initiatives such as the Lung Health Program for early
detection of lung cancer.
“We still have a lot of potential opportunity to cure
more patients by finding the disease at an earlier stage,”
Espinal says. “This sounds like common sense, but many,
many hospital systems have been challenged at how to do
this. One of the challenges is insurance wouldn’t pay for it.
That was really a holdup, but we said, ‘This is something
the community needs, and we’re just going to do it.’”
The typical approach to medicine is to wait for a
patient to get sick and then focus on getting him or
her better. Many hospitals focus on the number of
pneumonias or heart attacks that need taking care of.
WRH is looking at what can be done to keep patients
healthy and out of the hospital.
“Treating the sick is always going to be part of what
we do, but I believe medicine in general and what
patients appear to want is more of a focus on wellness,”
Espinal says.
“People find it hard to believe we’re looking at
those factors,” Kent says. “As health care continues to
change, there will be an increased focus on remaining
cost-effective. We want to be ahead of the curve by
getting the community healthier rather than worrying
about treating illness. That is where health care is going
and where it should be.”
While this mentality got many doctors involved with
the partnership, it has been the overall patient-care
experience WRH delivers that made the difference for
other physicians.
“Before Western Reserve was formed, a loved one of
mine underwent a surgery at a local hospital,” Fuenning
says. “I knew the hospital, surgeon, and anesthesiologist.
The surgery went well, and my loved one had a great
patient experience.
“Not too long after that, a very good friend needed
the same surgery, so I recommended the same hospital,
surgeon, and anesthesiologist. Though the surgery was
again successful, my friend had a completely different
experience and level of patient satisfaction. The question
for me was; why? In addition to excellent health care,
everybody should have that same good experience. I
knew that if I ever had the opportunity to make sure that
could happen — that I could positively influence a great
experience for every patient — I would. So when the
opportunity with Western Reserve came up, I knew this
was what I needed to do.” j
How to ReacH: Summa western Reserve Hospital,
330-971-7000 or www.westernreservehospital.org
www.westernreservehospital.org
“We’re trying to change the mindset that this is not about revenue and widgets.”
— Dr. Kent, President and CEO, Western Reserve Hospital Partners
focus on
A companywide community service program boosts
morale, fosters teamwork and — best of all —
helps those in need.
The employees of SS&G, Inc. understand this as the
firm recently structured a community service initiative.
SS&G’s employee-led Personnel Committee Advisory
Board created the Serve, Share & Give (SS&G) program,
which provides designated outings for employees
to donate time to a specific organization. While the
company had participated in community service in
the past, it did not have a formal, organized means for
doing so.
“Our professionals wanted to have an organized way
to volunteer together,” says Rebecca Osborne, director of
human resources. “Right now, we’re focused on helping
our nonprofit clients in our individual markets.”
The Cleveland program kicked off June 1 with 17
employees spending four hours working in the kitchen of
the Cleveland Foodbank, making lunches, dinners, and
snacks for the many area agencies that utilize its services.
SS&G also hosted two other trips to the organization and
ran a food drive in its office.
“Many of our partners went out with junior members
of the staff and worked side by side,” Osborne says.
“From an HR perspective, the program develops team
building and camaraderie.”
Teresa Schaffer, director of assurance services and
nonprofit group lead at SS&G, agrees, saying the program
has given employees new perspectives.
“We understand
the numbers of
an organization,
but many of us —
particularly our
younger staff — may
not have experienced
what it’s like on the
inside,” she says. “This program has allowed us a great
opportunity to sort of walk a mile in our clients’ shoes,
helping us better understand their missions and improve
our service to these valuable nonprofits.”
Fresh from starting its own community service program,
SS&G has tips for others interested in starting one:
Pilot your program. SS&G started the program at
one location with a limited number of employees before
expanding it to the larger organization. Doing this allowed
the company to work out problems on a small scale before
going companywide.
Offer an incentive. SS&G sent out an announcement
to employees outlining the program details. The
volunteer work was done during work hours, so
employees were paid for their time. They were also
allowed to wear jeans for the day, even when they came
back to the office.
Work with your chosen organization. SS&G has a
large number of employees, so it asked how many the
Cleveland Foodbank could accommodate at one time. This
led to SS&G breaking the project up into three separate
days to avoid showing up with a large group of people
only to find there weren’t enough jobs available for them.
Involve your employees. The idea for SS&G’s program
came from its employees, who were instrumental in
getting it up and running. Employee involvement ramps
up excitement as they feel they have played a critical role
in the project.
Offer several opportunities. SS&G offered three
separate days for involvement and made sure they were
outside peak deadlines. This allowed employees to choose
which day worked best for them.
Choose an organization that aligns with your company. SS&G partnered with clients. Discover where
your strengths lie and offer those to an organization.
As a business consulting firm, for example, you can
offer to help a company with its internal controls on a
volunteer basis.
Be organized. SS&G used Microsoft SharePoint for its
employees to sign up for the program so it knew how
many it needed and who was going. j
10 ss&g solutions j summer 2012
Giving backThe benefits of a community service program — and how your company can create one
11summer 2012 ss&g solutions
the last wordwith Gary Shamis
M ajor increases in federal taxes are right around
the corner. Jan. 1 will be here before we know
it. Of course, things can change quickly, but
in a presidential election year, the chances to change
course are significantly reduced.
What lies ahead is a perfect storm of tax law changes
— now in effect — that are set to expire. Included are the
Bush-era tax tables, the temporary estate and gift tax rules,
and many tax strategies used to weather the recession.
If the Bush tax tables expire, individuals will revert back
to prior tax levels. The highest tax bracket moves from 35
percent to 39.6 percent — about a 15 percent increase.
The change in the estate and gift tax is far more
profound. The amount a married couple may gift goes
from $10.2 million to $2 million, an 80 percent decrease.
And estate taxes go from 35 percent to 55 percent, an
approximate 70 percent increase.
The tax strategies that are disappearing relate to
the expiration of credits, reduction in accelerated
depreciation, and reinstituting full Social Security rates
on earned income.
In addition, effects of health care reform add
additional taxes to unearned income.
This really adds up. I am not talking about a few
percentage points. I am talking about major tax increases.
Tax ArmageddonIt is coming — beware!
“What lies ahead is a perfect storm of tax law changes.”
We all need to take note and plan accordingly. We
must carefully consider growth plans for our businesses
and be sure to consider the risks we are taking related to
the increased tax burden.
Planning is essential. This must include both business
and individual planning to optimize tax strategies.
And perhaps most important is to carefully consider
gifting and estate options as the window closes on this
unprecedented opportunity to pass along wealth.
The professionals at SS&G are here to help you plan
for these significant changes. j
Additional ResourcesRead more on page 4 about potential tax changes, or visit SSandG.com/resources for helpful tools, including tax calculators, planning guides, and tax tips.
Looking for answers to your specific tax questions?Contact SS&G’s tax professionals at 800-869-1834 or [email protected].
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Resources.When companies need to know the value of their business or find ways to improve it, SS&G Parkland has the tools and experience to get it done with precision.
Combining The Parkland Group Inc.’s turnaround and management consulting experience with SS&G’s business valuation, litigation, and forensic consulting expertise, SS&G Parkland’s expert services include: › bankruptcy and receiverships › business valuation › fraud detection and deterrence › corporate finance › litigation consulting › management consulting and strategy › turnarounds, workouts, and restructuring
SS&G Parkland: innovative expertise under one roof.Learn more at www.SSandG.com/Parkland.