The new Massachusetts “Millionaires Tax” imposes an additional 4% income tax on the portion of annual taxable income in excess of $1 million (indexed for inflation), starting in 2023. The new tax will affect high-income...more
The Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. After four years of being at $15,000, the exclusion will be $16,000 per recipient for 2022—the highest...more
The Democrats of the House of Representatives have released a much-anticipated tax plan that would significantly impact the federal estate and gift tax system. Importantly, the House could still amend this legislation and the...more
9/21/2021
/ Biden Administration ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Grantor Trusts ,
Income Taxes ,
Life Insurance ,
Spousal Lifetime Access Trust (SLAT) ,
Tax Planning