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
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
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Tax Returns
On June 28, 2019, the governor approved HB 262, which includes the reduction of the inheritance tax rate to 0% on property transferred from a natural parent, adoptive parent, or step-parent to or for the benefit of a child...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 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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