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
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%.
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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.
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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