News & Analysis as of November 15, 2024

Clawbacks

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Are You Prepared for Potential Adjustments to the Federal Estate Tax?‎

Schwabe, Williamson & Wyatt PC on 10/25/2024

The federal estate and gift tax exemption is the highest it has ever been. Under current law, you may transfer almost $14 million to anyone you wish without having to pay a dime of federal gift or estate tax. Absent any...more

Now That We’ve Seen the Eclipse, It’s Time To Plan for the TCJA Sunset

Roetzel & Andress on 5/6/2024

As the ball drops in Times Square on December 31, 2024, many of the tax breaks established by the Tax Cuts and Jobs Act (TCJA) of 2017 will disappear. While the TCJA made some permanent tax cuts, a number of tax cuts and...more

2022 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/18/2022

During 2022, COVID-19, the war in Ukraine, global inflation, the Tax Cuts and Jobs Act (TCJA), the uncertainty about the Build Back Better Act (BBBA), the Corporate Transparency Act (CTA), and the Inflation Reduction Act...more

2018 Year-End Estate Planning Update

Verrill on 12/4/2018

Federal Transfer Taxes - The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year... Federal unified gift and estate tax exclusion increasing to $11,400,000: As of January 1,...more

Tax Consequences of Compensation Clawback

Proskauer - Tax Talks on 3/3/2016

Executives required to repay compensation as a result of a compensation clawback regulation, provision or policy should be mindful of certain tax consequences to the executive as a result of the repayment. As described below,...more

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