Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Press: Inflation Adjusted Numbers Show BigLaw Continuing to Struggle
The TCJA doubled the lifetime exclusion and GST tax exemption. This exclusion amount, adjusted for inflation, is now $13.61 million and is expected to be approximately $13.99 million in 2025. However, in 2026, the amount will...more
The Internal Revenue Service has released Rev. Proc. 2024-25 announcing the inflation-adjusted limits for high deductible health plans (HDHPs) and health savings accounts (HSAs) in 2025. The updated 2025 limits are as...more
Following the enactment of the Tax Cuts and Jobs Act in 2017, the federal estate and gift tax exemption was increased from $5.49 million per person to $11.18 million, which allowed for a substantial increase in what taxpayers...more
Each year, certain estate, gift, and generation-skipping transfer (“GST”) tax figures are subject to inflation adjustments that go in effect on January 1. Below are the current adjustments for 2024....more
In previous episodes, we discussed the exemptions that apply for gift, estate and generation-skipping transfer tax. Many of these exemptions are adjusted for inflation each year. In Episode 16, we’ll review those exemptions...more
The Internal Revenue Service recently announced increased transfer tax exclusions for calendar year 2024 as part of Revenue Procedure 2023-34. The significant increases in the unified credit against estate, gift and...more
The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more
On November 9th, the IRS announced additional inflation adjustments for 2024, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified...more
The IRS recently released its inflation adjustments for 2024. International private client practitioners should note the following: US Estate and Gift Tax Exclusion Amount: $13,610,000 (up from $12,920,000)...more
The IRS recently announced the 2024 annual inflation adjustments for key tax provisions. Of interest to our clients, • Standard Deduction: The standard deduction for married couples filing jointly increases by $1,500 to...more
On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant...more
September 2023 AFRs and 7520 Rate - The September 2023 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5%, which was the same as the August 2023 rate...more
In Rev. Proc. 2023-23, the IRS released the inflation-adjusted amounts for 2024 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). The table below summarizes those adjustments and other...more
On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 27, 2023 – March 31, 2023...more
The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions including tax rate schedules and other tax changes. Here are some key highlights...more
The Internal Revenue Service recently issued its annual cost-of-living adjustments (COLAs) for the 2023 tax year for retirement plans as well as health and welfare benefit plans. These COLAs reflect significant...more
The Internal Revenue Service and Social Security Administration have announced the various retirement plan benefit and employment tax limits for 2023. Certain limitations will not change for 2023 because they are not subject...more
The IRS responded to rising inflation with its recent announcement regarding the limitations applicable to retirement and other benefit plans for 2023. Many limits will have significant increases compared to previous years,...more
On October 21st, the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Perhaps most notably, the annual limit for pre-tax and Roth contributions...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 17, 2022 – October 21, 2022...more
This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more
On October 18, 2022, the Internal Revenue Service (IRS) announced the annual inflation adjustments for 2023 related to more than 60 tax provisions, with some increasing, some maintaining and some new additions to the list...more
On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified...more
As we head into the last quarter of the year, many clients are thinking about making gifts to their family members. It can also be a good time to plan to make gifts in January of next year....more