The IRS issued proposed regulations in February 2022 that expanded on the changes made by the SECURE Act to require minimum distributions (RMDs) from most retirement accounts. The proposed regulations contained some...more
The Tax Cuts and Jobs Act of 2017 increased the federal estate and gift tax exclusion amount (sometimes called the “basic exclusion amount” or “BEA”) from $5 million to $10 million. (Those numbers are adjusted for...more
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
Last week, the House Ways and Means Committee released proposed legislation affecting numerous transfer and income tax provisions of the Code. These changes, if enacted, will have a significant impact on estate planning and...more
9/23/2021
/ Congressional Committees ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Grantor Retained Annuity Trusts (GRATs) ,
Grantor Trusts ,
Internal Revenue Code (IRC) ,
Irrevocable Life Insurance Trusts ,
Proposed Legislation ,
Section 199A ,
Tax Planning
The CARES Act provides two assists for charitable entities by improving tax breaks for those donating.
$300 Above-the-Line Charitable Deduction: The first is an above-the-line charitable deduction that allows eligible...more
After a series of statement, tweets, and Notices, the IRS is granting a reprieve that applies to all taxpayers who have income tax returns due on April 15, 2020, which will now be due on July 15, 2020. This includes...more
3/24/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
Steve Mnuchin, Secretary of the Dept. of the Treasury, stated Tuesday (3/17/2020) that the IRS will not impose penalties and interest for late payments made within 90 days of the current payment deadline of April 15, 2020. ...more
The IRS has created a new form that is easier to read and use for seniors. Form 1040-SR has larger print and includes a standard deduction chart. It uses the same schedules, forms, and instructions as the traditional Form...more
The SECURE Act – the “Setting Every Community Up for Retirement Enhancement” Act – was signed into law by President Trump on December 20, 2019. The law generally took effect on January 1, 2020....more
1/2/2020
/ 401k ,
Beneficiary Designations ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Estate Planning ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
On December 17, 2019, the US House of Representatives approved an appropriations bill, which includes the SECURE Act previously passed in the House. President Trump is expected to sign it once it reaches his desk. 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
/ Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Inflation Adjustments ,
IRS ,
Revenue Procedures ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Tax Returns
Finalizing the process started with proposed regulations on April 18, 2018, the Securities and Exchange Commission issued final Regulations in the Federal Register on Friday, July 12, 2019, addressing four areas: (1)...more
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
On June 5, 2019, the Securities and Exchange Commission voted to adopt its proposed regulations on the conduct of broker-dealers and investment advisers, including Regulation Best Interest, Form CRS, and two interpretations...more
6/7/2019
/ Best Interest Standard ,
Broker-Dealer ,
Conflicts of Interest ,
Disclosure Requirements ,
Fiduciary Duty ,
Financial Services Industry ,
Form CRS ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Standard of Care
This morning the US House of Representatives approved the SECURE Act, which will have wide-ranging implications for retirement plans if eventually passed by the US Senate. Among other things, the “SECURE” Act – which stands...more
For some taxpayers who miscalculated their withholding and/or estimated tax payments for 2018, the IRS is providing some relief. The new waiver provides that taxpayers will not be penalized under Section 6654 of the tax code...more
The Internal Revenue Service (“IRS’) has set the 2019 Federal Estate Tax Exemption at $11,400,000, up from $11,180,000 in 2018....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%.
...more
The Internal Revenue Service and the Treasury Department released an updated Priority Guidance Plan outlining the regulatory projects that have become necessary in light of the passage of the 2017 Tax Cuts and Jobs Act (the...more
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.
...more
Exemption Amount Doubled: A simple but powerful change was made to the Federal Estate and Gift Tax: Starting in 2018, the amount that an individual can transfer free from estate tax (the "exclusion amount") increased from a...more
The Senate version of the Tax Cuts and Jobs Act includes the House Bill’s increases in federal estate and gift tax exemption amounts – doubling the base amount from $5 million to $10 million (indexed for inflation) – but...more
A summary of the proposed Tax Cuts and Jobs Act was released this morning (11/2/17) and reveals some major changes. The federal estate tax and generation-skipping transfer tax exclusions are increased from the current $5...more
An employer can now pay up to $10,000 of wages, salary, and employee benefits due to a deceased employee to their spouse, child, parent, or sibling (preference in that order) without the appointment of a personal...more
The Department of Labor published a Proposed Rule to extend from January 1, 2018 to July 1, 2019, the applicability date of the Best Interest Contract (“BIC”) Exemption, the Class Exemption for Principal Transactions in...more