News & Analysis as of

Tax Exemptions

Let's All Wait Until After 2023 to Die in Connecticut

by Murtha Cullina on

Until the passage of the 2017 Tax Cuts and Jobs Act, the federal applicable exclusion amount for the estate of a person dying in 2018 was scheduled to be $5.6M. The federal applicable exclusion amount sets (i) the applicable...more

Minnesota Legislature Convenes 2018 Session - Legal Wrangling Threatens Progress

by Stinson Leonard Street on

The 2018 Minnesota legislature kicked off at noon yesterday with no solution to the legal standoff in the Minnesota Senate over whether a Republican state senator can legally hold both her Senate seat and be lieutenant...more

Tax Reform: Impact on Businesses and Individuals

The 2017 Tax Act - Signed into law on December 22, 2017 - Provisions apply NOW – to taxable years beginning after December 31, 2017 - Corporate and International Changes are “permanent;” almost all individual changes...more

Updated Historical Federal Transfer Tax Rates, Exemptions, and Related Information Table

by Charles (Chuck) Rubin on

I have updated this table to include 2018 data based on inflation adjustments and changes in the 2017 Tax Act. The $11,180,000 exemption and exemption equivalent amounts for estate, gift and GST tax are not yet out, so...more

2018 Federal and Maryland Legislation Changes Regarding Estate and Gift Tax

by Pessin Katz Law, P.A. on

An abundance of tax legislation was signed into law in the final days of 2017. In terms of estate and gift tax, here is what individuals need to keep in mind: Under the new law, which took effect on January 1, 2018, the...more

President Trump Releases Infrastructure Plan

The White House released its long-awaited infrastructure plan on Monday, February 12. The plan would spend $200 billion over 10 years to leverage $1.5 trillion in total spending, give greater control and authority to state...more

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

Personal Impacts of Tax Reform: Should You Adjust Your Wealth & Succession Plan?

While there are many ways that the 2017 Tax Act impacts businesses, business owners and high net worth individuals may also be affected individually as a result of the changes. Although the income tax changes under the 2017...more

Federal Transfer Tax Exemptions Increased … Temporarily

With the passage of the Tax Cuts and Jobs Act (Reconciliation Act of 2017) on December 19, 2017 (the Act), Congress provided increased, albeit temporary, relief to taxpayers who otherwise might be subject to federal transfer...more

The Impact of Tax Reform on Estate Planning

Tax Act of 2017: Transfer Tax Provisions - The Tax Cuts and Jobs Act of 2017 (the “Tax Act of 2017”) was signed by the President on December 22, 2017. The transfer tax provisions of the Tax Act of 2017 (i.e. the estate,...more

Nonprofit Hospitals Should Ensure Compliance with Section 501(r)

by Holland & Knight LLP on

The Affordable Care Act (ACA) added significant new statutory requirements in 2010 that must be met by all hospitals seeking or maintaining exemption from federal income tax as Section 501(c)(3) organizations (charitable...more

Insight on Estate Planning - February/March 2018

In This Issue: - Sudden impact: When a spouse unexpectedly dies - New tax law affects estate planning strategies - All in the family: Transferring your vacation home - Estate planning pitfall: You haven’t planned for...more

Major New Tax Law Changes That Affect Individuals

The 2017 tax reform legislation colloquially referred to as the Tax Cuts and Jobs Act (the Act) made some significant changes in the taxation of individuals, and these changes have already begun to generate new planning...more

Michigan Property Tax and the EMPP Exemption

by Dickinson Wright on

2018 Deadline for Claiming Qualified Eligible Manufacturing Personal Property Exemption is February 20, 2018 - Qualified new and used personal property (as defined by MCL 211.9m and 211.9n) is exempt from ad valorem...more

EU Court: (former) French and German tax anti-abuse rules not in line with EU law

by Dentons on

The Court of Justice of the European Union (CJEU) issued two important judgments regarding abuse presumptions in relation to dividend distributions by French and German companies to parent companies resident in other EU...more

Favorable Changes to Estate, Gift and GST Tax Laws Under the Tax Cuts and Jobs Act

by Mintz Levin on

The Tax Cuts and Jobs Act (the “Act”), signed into law on December 22, 2017, significantly increased the exemption amounts for the federal estate, gift, and generation-skipping transfer taxes. These increases may present...more

Tax Reform: Provisions Directly Affecting Tax-Exempt Organizations

by Foley & Lardner LLP on

he Tax Cuts and Jobs Act was signed into law on December 22, 2017. This tax reform law includes the following changes directly affecting nonprofit and tax-exempt organizations, and those who donate to them. A number of...more

This Time Is Different: You Really Do Need to Update Your Will and Durable Power of Attorney

by Davis Wright Tremaine LLP on

With the advent of higher exemptions with respect to the Federal Gift, Estate, and Generation-Skipping Transfer Tax passed last December (referred to as the 2017 Tax Act), it really is necessary to review your estate tax...more

The New Tax Law Provides Estate Planning Opportunities

by Ruder Ware on

Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more

Review and Analysis of Tax-Exempt Loan Documents Following Tax Cuts and Jobs Act

On December 20, 2017 Congress passed the Tax Cuts and Jobs Act (TCJA). The legislation was signed by President Trump on December 22, 2017 and many key provisions of the law became effective on December 31, 2017....more

Tax Issues When Fixing Rate and Fee Adjusters in Tax-Exempt Loans

The recently enacted reduction of the maximum federal corporate tax rate may trigger contractual provisions that provide for a significant increase in the interest rate on tax-exempt debt privately placed with a bank lender...more

Key Takeaways from Our 2017 Corporate Law for Accountants Seminars

Haynsworth Sinkler Boyd recently hosted our annual Corporate Law for Accountants Seminars across South Carolina. These complimentary seminars covered three main topics: (1) operating agreements, (2) employment law and (3)...more

Impact of New US Tax Law on High Net Worth Individuals, Trusts and Family Offices

The newly enacted U.S. tax law makes significant changes to provisions of the Internal Revenue Code affecting high net worth individuals, their investment entities and family offices. These changes are likely to spur gift...more

Tax Update: Big Changes in the Estate and Gift Tax Laws Require Attention

by Cozen O'Connor on

The new tax law represents the most comprehensive overhaul of the Internal Revenue Code since 1986 and includes important changes to the estate and gift tax rules that likely will have an impact on your estate plan, the state...more

Changes to Federal Estate Tax May Impact Your Estate Planning

by Lane Powell PC on

As you have likely read, the new year brought significant changes to U.S. tax laws. But did you know that the changes to the federal estate tax may impact your estate planning? We’ve highlighted some potential planning...more

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