In an era where digital transactions have become the norm, the threat of scams has significantly escalated. It’s crucial to stay vigilant and informed. ...more
In Revenue Procedure 2021-45 (RP-2021-45 (irs.gov)), the Internal Revenue Service announced annual inflation-adjusted tax rates for 2022, including provisions concerning estate and gift taxes.
Beginning in 2022, the...more
Last week, the House Ways and Means Committee released proposed legislation affecting numerous transfer and income tax provisions of the Code. These changes, if enacted, will have a significant impact on estate planning and...more
9/23/2021
/ Congressional Committees ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
Internal Revenue Code (IRC) ,
Irrevocable Life Insurance Trusts ,
Proposed Legislation ,
Section 199A ,
Tax Planning
The CARES Act, signed into law on March 27, 2020, contains several relief provisions relating to retirement plans, designed to ease restrictions on plan participants gaining access to funds. Highlights of these changes...more
Nearly every closely-held business has one or more governance documents which address the operation, management, and continuity of the organization. This might include an operating agreement, partnership agreement, or...more
Substantial changes and new concepts were worked into the Act for business income, both of corporations and individuals.
Corporate Tax Rate Reduced: The maximum corporate tax rate is 21%, down from 35%.
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The Internal Revenue Service and the Treasury Department released an updated Priority Guidance Plan outlining the regulatory projects that have become necessary in light of the passage of the 2017 Tax Cuts and Jobs Act (the...more
The following includes the more notable income tax changes for individual taxpayers, and unless otherwise noted, the changes are effective for tax years 2018 through 2025.
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Exemption Amount Doubled: A simple but powerful change was made to the Federal Estate and Gift Tax: Starting in 2018, the amount that an individual can transfer free from estate tax (the "exclusion amount") increased from a...more
On October 4, 2017, in its Second Report to the President Identifying and Reducing Tax Regulatory Burdens the U.S. Department of the Treasury announced that it is recommending the complete withdrawal of the proposed 2704...more
On November 1, 2016, via Notice 2016-66 (2017-47 IRB) (link to notice), the Treasury Department and IRS declared certain captive insurance transactions under Code section 831(b) as “transactions of interest.” Commonly...more
Background: On August 4, 2016, the Treasury Department and Internal Revenue Service issued proposed regulations addressing the valuation of certain business interests for federal estate, gift and generation-skipping tax...more
On July 25, 2016, in T.D. 9779, the IRS published final regulations concerning the procedures for making an election under section 83(b) of the Code. The new final regulation, Treas. Reg. §1.83-2, eliminates the requirement...more
Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more
3/26/2016
/ Beneficiaries ,
Estate Tax ,
Executors ,
Filing Deadlines ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Real Estate Transfers ,
Reporting Requirements ,
Tax Basis ,
Time Extensions ,
U.S. Treasury ,
Valuation
On December 18, 2015, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), as part of a 2016 appropriations bill. The PATH Act includes significant changes to Internal Revenue Code section...more
The federal government imposes a gift tax for gifts made during one’s lifetime. Likewise, the estate tax is levied on transfers made at one’s death.
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