Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Press: Inflation Adjusted Numbers Show BigLaw Continuing to Struggle
On October 9th, the IRS announced several inflation adjustments for 2026, including adjustments to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified...more
What Changed and Why? The FAR Council Issues a Rule to Amend FAR Thresholds for Inflation Every Five Years Pursuant to a Statute....more
The IRS recently issued the 2026 annual adjustments for numerous tax provisions, including changes to the estate tax exemption, income tax brackets and standard deductions. Notable changes made under the One, Big, Beautiful...more
The Internal Revenue Service (IRS) recently released Revenue Procedure 2025-32, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,400 for plan years beginning in 2026, an...more
On Wednesday, August 27, 2025, the Department of Defense (“DoD”), General Services Administration, and NASA issued a final rule increasing certain acquisition-related thresholds. Effective October 1, 2025, the increased...more
Nevada will soon impose new limits on fees health care providers can charge employees for completing paperwork required under the federal Family and Medical Leave Act (FMLA). Assembly Bill 305, which was recently approved by...more
The IRS on July 21, 2025, released Notice 2025-37, announcing the inflation-adjusted credit amounts for calendar year 2025 applicable to tax credits available under Internal Revenue Code Sections 45U, 45V and 45Z, which were...more
Great news for brands operating consumer promotions, sweepstakes, and contests! Effective for the 2026 tax year, the One Big Beautiful Bill Act (P.L. No. 119-21) raises the threshold for issuance of a Form 1099-MISC from $600...more
In this fifth installment of my multi-part series on the One Big Beautiful Bill Act, Steve Nofziger and I discuss a provision of the Act that impacts certain business owners who are contemplating a sale of their shares, Code...more
By way of background, in 2012, the basic exclusion amount and GST exemption were permanently increased to $5 million, with that amount indexed for inflation. The 2017 Tax Cuts and Jobs Act (TCJA), temporarily increased the...more
Key Takeaways - - The One Big Beautiful Bill Act represents the most significant expansion of QSBS tax benefits since 2010. - Among other significant changes, the One Big Beautiful Bill Act introduces a tiered QSBS...more
The “One Big Beautiful Bill Act” signed into law on July 4, 2025, makes two important changes to tax reporting requirements that should be of interest to employers....more
In Rev. Proc. 2025-19, the IRS released the inflation adjusted amounts for 2026 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). In Rev. Proc. 2025-19, the IRS released the inflation...more
On May 1, 2025, the IRS released Rev Proc 2025-19 which updated for 2026 the limits applicable to certain health and welfare plans, including the following key limits...more
On May 1, 2025, the IRS announced the Health Savings Account limits for 2026. With respect to contribution limits, the limits are slightly higher than the ones for 2025 and the required deductible and out-of-pocket maximums...more
The U.S. Bankruptcy Code will be implementing inflation adjustments in its eligibility and exemption limits by 13.2% across various provisions. The official adjustments have been published in the Federal Register, marking the...more
There was much hope going into 2025 that we would see a rebound in the IPO market after a bit of a drought over the past few years. We left the uncertainty of the election behind us, and good news on the inflation and...more
Every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The April 1, 2025, increase will be approximately 13.2%, even larger than the nearly 11% increase three years ago....more
The Federal Reserve (the “Fed”) continues to implement policies aimed at stimulating the economy, including lowering the federal interest rate by 25 basis points in early December (for a combined decrease of 100 points since...more
On November 29, the Department of Defense, General Services Administration, and National Aeronautics and Space Administration published a proposed rule that would amend the Federal Acquisition Regulation (FAR) to adjust...more
Federal Estate, GST and Gift Tax Rates The federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can...more
The limitation of liability for cargo that is lost or damaged during international air transportation will increase on December 28, 2024, from 22 Special Drawing Rights (“SDRs”) per kilogram to 26 SDRs per kilogram....more
The IRS recently issued the 2025 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include: - Estates of decedents who die during 2025 will have...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 4, 2024 – November 8, 2024...more
This week, the Internal Revenue Service (“IRS”) announced its annual inflation adjustments for tax year 2025. ...more