News & Analysis as of September 22, 2024

Internal Revenue Service

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

The Sunset of the TCJA – Tax Cuts and Jobs Act of 2017 – Is Scheduled for the End of 2025

Allen Barron, Inc. on 4/19/2024

The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US...more

West Coast Forum 2023 | Key Takeaways

McDermott Will & Emery on 12/4/2023

McDermott’s Private Client Practice led interactive discussions on a broad range of topics pertinent to ultra-high-net-worth families, their family office representatives and other advisors at our Private Client West Coast...more

2023 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/21/2023

We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more

IRS to Leave More in Our Paychecks in 2024

Allen Barron, Inc. on 11/17/2023

Is it possible for the IRS to leave more in our paychecks in 2024? What has changed for the 2024 federal income tax brackets and how will these apply to the tax return(s) you’ll file in 2025?...more

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on 11/16/2023

What are the most important elements of estate and tax planning for US expatriates? Are you planning to move out of the United States? Are you a US taxpayer who lives and works outside of the country? What are some of the...more

Tax Tips for Lottery Winners

Allen Barron, Inc. on 11/10/2023

Today is the anniversary of the largest Powerball lottery victory in the United States of $2.04 billion. Just over the $1.765 billion jackpot claimed last month (Oct 2023). What are some tax tips for lottery winners and...more

Conservation Easements: Federal Safe Harbor Language for Extinguishment and Boundary Line Adjustments

Brownstein Hyatt Farber Schreck on 6/13/2023

On Dec. 29, 2022, the United States Congress passed the SECURE 2.0 Act of 2022 (SECURE Act 2.0). Section 605(d) of the SECURE Act 2.0 gave conservation easement donors a safe harbor to amend provisions relating to...more

2022 Year End Estate Planning Advisory

A&O Shearman on 12/15/2022

The current estate planning landscape is drastically different than it was at the beginning of this year. After an extended period of historically low rates of interest and inflation, this year the Federal Reserve began...more

‘Tis the Season (For Charitable Giving)

Woods Rogers on 10/26/2022

The year-end is approaching, but you still have time to work on your 2022 tax planning. Consider giving to your favorite charity to make this holiday season merry. Planned charitable giving provides you a way to maximize...more

Fall 2022 Estate Planning Update

Keating Muething & Klekamp PLL on 10/25/2022

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

Be Mindful of Income Tax in Estate Planning, Particularly Basis

Ward and Smith, P.A. on 7/25/2022

Avoidance of estate taxes is one consideration in estate planning. Under current law, however, estate tax issues generally affect only the wealthiest 1% of the population, but everyone should be mindful of income tax...more

2022 California Estate and Tax Planning Newsletter

Blank Rome LLP on 1/26/2022

Our annual estate and tax planning newsletter discusses certain concepts and techniques that should be considered in 2022 by our clients and friends in California. Perhaps the most important recent development was the failure...more

House of Representatives 5376: Current Tax Legislation Pending in the U.S. House of Representatives

Foster Garvey PC on 10/15/2021

...The federal tax laws are certainly about to change. With the need to raise revenue as a top priority for the Biden Administration, everyone is expecting dramatic changes to the Internal Revenue Code. Tax legislation is...more

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on 9/29/2021

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

I Don’t Have to Worry About Estate Taxes… Right?

Burns & Levinson LLP on 8/16/2021

You do not need to be exceedingly wealthy to be impacted by the estate tax. Many of our clients are surprised to learn that tax is imposed on Massachusetts estates exceeding $1 million in value. When considering a home,...more

Four Key Estate Planning Issues We're Following in 2021

Pullman & Comley, LLC on 3/8/2021

The past twelve months have demonstrated that a solid estate plan, which includes steps to protect your wealth, can help you feel better prepared and provide a sense of control during times of economic uncertainty. As we...more

2020 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/25/2020

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

The Clock Is Ticking on Estate and Gift Planning

Cozen O'Connor on 9/1/2020

November’s election results could have a profound effect on the estate and gift tax laws. Among a number of significant issues are...more

Wills, Trusts & Estates: Plain and Simple – Year End Gifting

Farrell Fritz, P.C. on 12/18/2019

Now is the time that many people think about gifting to loved ones, especially with the holidays upon us. In addition to making you, as well as the beneficiary of your gift, feel good, lifetime gifts can help reduce your...more

Federal Estate Tax Exclusion Rises to $11,580,000 for 2020 (and more inflation adjustments)

Tucker Arensberg, P.C. on 11/7/2019

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

Seven Tips for Tribal Governments to Reduce Tribal Member Taxes in 2019

Holland & Knight LLP on 2/5/2019

• With Democrats taking control of the U.S. House of Representatives, tax provisions affecting tribal governments and their members are once again on the table for discussion. • This notice provides an overview of seven...more

2019 Estate and Tax Planning Newsletter

Blank Rome LLP on 1/9/2019

Blank Rome’s annual estate and tax planning newsletter addresses estate planning concepts and techniques that should be considered in 2019 by our clients and friends. 1. Transfer Taxes. The major changes made in 2010 in...more

IRS Issues Long-Term Care Premium Deductibility Limits for 2019

Chambliss, Bahner & Stophel, P.C. on 12/17/2018

The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance. Premiums for "qualified" long-term care insurance policies (see...more

Estate Planning Adjustments for Tax Year 2019

Williams Mullen on 11/19/2018

Many estate planning provisions of the Internal Revenue Code contain brackets, exemptions, exclusions, deductions, or other figures that the Internal Revenue Service (IRS) adjusts annually for inflation. Recently, the IRS...more

New IRS Proposed 199A Regulations Provide Guidance on 20% Profit Pass-Through Deduction

Burr & Forman on 8/15/2018

On August 8th, the IRS released its much-awaited Proposed Regulations on the new Section 199A 20% profit deduction for pass-through businesses. The new deduction applies to essentially all types of businesses other than C...more

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