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
2019 Key Pennsylvania Figures -
Pennsylvania Inheritance Tax Rates:
Transfers between spouses - 0% (jointly held property between spouses is not subject to tax).
Transfers from child 21 or under to parent -...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 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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