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Income Taxes › Internal Revenue Service › Inflation Adjustments

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Hinckley Allen

Understanding 2024 Estate, Gift, and Generation-Skipping Transfer Tax Exemptions

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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

Bowditch & Dewey

Big Increase in 2024 Estate Exemption – IRS Issues 2024 Inflation Adjustments

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The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more

McDermott Will & Emery

Weekly IRS Roundup March 27 – March 31, 2023

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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

Bowditch & Dewey

Tax Year 2023 Annual Inflation Adjustments

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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

A&O Shearman

Inflation Reduction Act of 2022: New Corporate Book Minimum Tax and Changes for Carried Interests

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On July 27, 2022, Senators Manchin and Schumer announced that they agreed to a proposed reconciliation package, the Inflation Reduction Act of 2022, H.R. 5376 (the “Bill”). If enacted, the Bill would finance climate programs,...more

Lasher Holzapfel Sperry & Ebberson PLLC

Washington’s New Capital Gains Tax is Overturned as Unconstitutional

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In 2021, Washington State Legislature passed ESSB 5096, which created a 7% tax on the sale or exchange of long-term capital assets (stocks, bonds, business interests, or other investments, and many tangible assets) if the...more

Greenberg Glusker LLP

IRS Announces 2022 Inflation Adjusted Amounts For Transfer Taxes

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The IRS recently confirmed that, for 2022, the aggregate amount that can be given away without being subject to the gift or estate tax will increase to $12.06 million per individual. Thus, as of 2022, a married couple...more

Bowditch & Dewey

IRS Issues 2022 Inflation Adjustments

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The IRS recently issued the 2022 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, February 2021 # 16

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In Washington: The House Budget Committee approved legislation for a $1.9 trillion coronavirus relief package on Monday evening, with a full House vote is expected at the end of this week. So far, House Democrats expect a...more

Bowditch & Dewey

IRS Issues 2021 Inflation Adjustments

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The IRS recently issued the 2021 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more

Verrill

2018 Year-End Estate Planning Update

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Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Akin Gump Strauss Hauer & Feld LLP

President Trump Signs Tax Reform Bill into Law

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On December 15, 2017, the House and Senate conference committee agreed on the terms of the final tax reform bill, previously referred to as the “Tax Cuts and Jobs Act” (the “Act”), which was subsequently approved by both...more

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