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 classic children’s tale of Cinderella has the magic spell that transformed Cinderella expiring at the stroke of midnight after the ball. Her magnificent coach turned back into a pumpkin, inspiring a commonly used phrase....more
On August 21, 2024, the U.S. Securities and Exchange Commission (SEC) adopted a rule (Final Rule) that will increase the threshold for what is considered a “qualifying venture capital fund” from $10,000,000 to $12,000,000....more
The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section...more
Michigan employers soon will face a significantly higher minimum wage and more onerous employee sick leave obligations after the Michigan Supreme Court invalidated the Michigan legislature’s amendments related to two voter...more
In a landmark decision in Mothering Justice v. Attorney General, the Michigan Supreme Court has ruled on the constitutionality of legislative actions surrounding the Improved Workforce Opportunity Wage Act (Wage Act) and the...more
We continue our exploration of the commercial real estate and housing market. Part 2 of a three-part blog series considers inflation, interest rates, and financial literacy. Much like the broader economy, they are constantly...more
Political anxiety following the European elections hammered the euro last week, with significant gains for far-right parties and a snap election in France rattling EUR investors. This week, the UK’s latest consumer price...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
Editor’s Note: This comprehensive report explores the intricate relationship between economic trends, Hart-Scott-Rodino (HSR) transaction activities, and their implications for professionals in cybersecurity, information...more
General economic indicators are showing positive movement. Consumer sentiment has rebounded, experiencing a notable increase of 21.7% in January 2024, its highest level since July 2021. Inflation is stabilizing across broad...more
On April 3, 2024, the U.S. Department of Labor (the “DOL”) published in the federal register a final amendment to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”) that makes considerable changes to the...more
I perhaps have a well-earned reputation for an excess of fascination for risks, downside, black swans and other things that prevent the good times from rolling. Lover of Schadenfreude. I hope not, but I do often feel...more
Disclaimer: The information in this post is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. No information contained in this post should be construed as legal advice...more
With inflation continuing to impact the US economy, lenders are focused on the economic impact of the presidential election in November. Lenders’ expectations for the US economy’s performance in the longer term – beyond the...more
Effective February 13, 2024, the U.S. Department of Justice (DOJ) increased civil monetary penalties, for violations occurring after November 2, 2015, including those related to immigration....more
With both the Argentinean and Venezuelan economies tackling high inflation, employers are taking novel steps to promote talent retention....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
The bond yield curve inverted in October 2022. When that occurred, it started a countdown to recession. At least it has every time since 1968. Specifically, for the last eight recessions since 1968, every single recession was...more
Fine art is big business. The three most expensive paintings to have ever been sold – Salvator Mundi by Leonardo da Vinci, Interchange by Willem de Kooning and The Card Players by Paul Cézanne – have an inflation-adjusted...more
On February 15th, the U.S. Small Business Administration published a final rule to adopt the current statutory alternative size standard for its 7(a) and 504 loan programs, subject to an adjustment for inflation that has...more
EPA recently promulgated a final rule (the Rule) adjusting civil penalties issued by the agency for inflation. This action was performed pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by...more
The Department of Labor recently announced the 2024 inflation adjustments for ERISA-related penalties applicable to health and welfare and retirement plans. Applicable penalties increased for 2024 as follows...more
Several states over the past year have eliminated limitations that have been part of Wrongful Death Acts. In Maine, the Legislature enacted “An Act to Amend the Laws Governing Damages Awarded for Wrongful Death.”...more
After a sluggish 2023 in which global merger and acquisition activity fell almost 20% to $2.87 trillion – the lowest level since 2013 – the question in the corporate world, is: ‘Will M&A roar back in 2024?’...more