The Department of the Treasury wants to place limitations on valuation discounts that are currently commonly used to reduce asset values in family-owned and closely-held businesses, in an effort to increase tax revenue. The...more
8/15/2016
/ Business Ownership ,
Business Plans ,
Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Succession Planning ,
Transfer of Assets ,
U.S. Treasury
It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K.
In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more
11/3/2015
/ Consumer Price Index ,
Estate Tax ,
Estate-Tax Exemption ,
Exemptions ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
GST ,
Inflation Adjustments ,
IRS ,
Spouses ,
Tax Code ,
Tax Exemptions ,
Tax Planning ,
Unified Credit Portability
Late last year, Congress approved nearly $11 billion to fund the Internal Revenue Service for fiscal year 2015 – the lowest allotted amount since 2008, according to CNN Money. As a result, the IRS announced delays in...more
If you've lived at a property for at least two out of the five years before you sell your home, you can consider that property your primary residence or "main home", per the Internal Revenue Service.
The IRS will then...more