Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Press: Inflation Adjusted Numbers Show BigLaw Continuing to Struggle
The U.S. Bankruptcy Code will be implementing inflation adjustments in its eligibility and exemption limits by 13.2% across various provisions. The official adjustments have been published in the Federal Register, marking the...more
There was much hope going into 2025 that we would see a rebound in the IPO market after a bit of a drought over the past few years. We left the uncertainty of the election behind us, and good news on the inflation and...more
Every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The April 1, 2025, increase will be approximately 13.2%, even larger than the nearly 11% increase three years ago....more
The Federal Reserve (the “Fed”) continues to implement policies aimed at stimulating the economy, including lowering the federal interest rate by 25 basis points in early December (for a combined decrease of 100 points since...more
On November 29, the Department of Defense, General Services Administration, and National Aeronautics and Space Administration published a proposed rule that would amend the Federal Acquisition Regulation (FAR) to adjust...more
Federal Estate, GST and Gift Tax Rates The federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can...more
The limitation of liability for cargo that is lost or damaged during international air transportation will increase on December 28, 2024, from 22 Special Drawing Rights (“SDRs”) per kilogram to 26 SDRs per kilogram....more
The IRS recently issued the 2025 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include: - Estates of decedents who die during 2025 will have...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 4, 2024 – November 8, 2024...more
This week, the Internal Revenue Service (“IRS”) announced its annual inflation adjustments for tax year 2025. ...more
On 10/22/24, the IRS released the annual inflation adjustments for tax year 2025 that will impact taxpayers when they file their 2025 returns in 2026. Following are the main items for tax year 2025: Standard Deductions - ...more
On Nov. 1, 2024, the IRS published its annual cost of living adjustments for various retirement plan limits. These increases are more modest than recent years, a reflection that inflation is slowing....more
The IRS has released the inflation adjusted benefit plan limits for 2025 health, welfare and flexible benefit plans. Our alert includes the newly released 2025 limits, along with 2025 limits previously released for HSAs and...more
The CFPB, Fed, and OCC have announced that they are increasing exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2025 through December 31, 2025, these exemption thresholds are...more
The TCJA doubled the lifetime exclusion and GST tax exemption. This exclusion amount, adjusted for inflation, is now $13.61 million and is expected to be approximately $13.99 million in 2025. However, in 2026, the amount will...more
On August 21, 2024, the U.S. Securities and Exchange Commission (SEC) adopted a rule (Final Rule) that will increase the threshold for what is considered a “qualifying venture capital fund” from $10,000,000 to $12,000,000....more
The Securities and Exchange Commission adopted Rule 3c-7, which adjusts for inflation the dollar threshold used in defining a “qualifying venture capital fund” under the Investment Company Act, as required pursuant to Section...more
Michigan employers soon will face a significantly higher minimum wage and more onerous employee sick leave obligations after the Michigan Supreme Court invalidated the Michigan legislature’s amendments related to two voter...more
In a landmark decision in Mothering Justice v. Attorney General, the Michigan Supreme Court has ruled on the constitutionality of legislative actions surrounding the Improved Workforce Opportunity Wage Act (Wage Act) and the...more
We continue our exploration of the commercial real estate and housing market. Part 2 of a three-part blog series considers inflation, interest rates, and financial literacy. Much like the broader economy, they are constantly...more
Political anxiety following the European elections hammered the euro last week, with significant gains for far-right parties and a snap election in France rattling EUR investors. This week, the UK’s latest consumer price...more
The Internal Revenue Service has released Rev. Proc. 2024-25 announcing the inflation-adjusted limits for high deductible health plans (HDHPs) and health savings accounts (HSAs) in 2025. The updated 2025 limits are as...more
Editor’s Note: This comprehensive report explores the intricate relationship between economic trends, Hart-Scott-Rodino (HSR) transaction activities, and their implications for professionals in cybersecurity, information...more
General economic indicators are showing positive movement. Consumer sentiment has rebounded, experiencing a notable increase of 21.7% in January 2024, its highest level since July 2021. Inflation is stabilizing across broad...more
On April 3, 2024, the U.S. Department of Labor (the “DOL”) published in the federal register a final amendment to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”) that makes considerable changes to the...more