The IRS issued proposed regulations in February 2022 that expanded on the changes made by the SECURE Act to require minimum distributions (RMDs) from most retirement accounts. The proposed regulations contained some...more
The Tax Cuts and Jobs Act of 2017 increased the federal estate and gift tax exclusion amount (sometimes called the “basic exclusion amount” or “BEA”) from $5 million to $10 million. (Those numbers are adjusted for...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
After a series of statement, tweets, and Notices, the IRS is granting a reprieve that applies to all taxpayers who have income tax returns due on April 15, 2020, which will now be due on July 15, 2020. This includes...more
3/24/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
Steve Mnuchin, Secretary of the Dept. of the Treasury, stated Tuesday (3/17/2020) that the IRS will not impose penalties and interest for late payments made within 90 days of the current payment deadline of April 15, 2020. ...more
The IRS has created a new form that is easier to read and use for seniors. Form 1040-SR has larger print and includes a standard deduction chart. It uses the same schedules, forms, and instructions as the traditional Form...more
The IRS published Revenue Procedure 2019-44 on November 6, 2019, to set the inflation adjustments for 2020. The exclusion from federal estate will increase to $11,580,000, up from $11,400,000 in 2019....more
11/7/2019
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Inflation Adjustments ,
IRS ,
Revenue Procedures ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Returns
For some taxpayers who miscalculated their withholding and/or estimated tax payments for 2018, the IRS is providing some relief. The new waiver provides that taxpayers will not be penalized under Section 6654 of the tax code...more
The Internal Revenue Service (“IRS’) has set the 2019 Federal Estate Tax Exemption at $11,400,000, up from $11,180,000 in 2018....more
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