Author Archives: nikdouglas

2017 Estate and Gift Tax Limits

Download PDF IRS ANNOUNCES 2017 ESTATE AND GIFT TAX LIMITS: THE $11 MILLION TAX BREAK   For 2017, the estate and gift tax exemption is $5.49 million per individual, up from $5.45 million in 2016. That means an individual can leave $5.49 million to heirs and pay no federal estate or gift tax. A married […]

Treasury to Withdraw Valuation Rules

Download PDF   Treasury to Withdraw Valuation Rules.     In its final report on burdensome tax regulations, the Treasury Department has called for the withdrawal of Obama-era valuation rules that family business owners said would wreak havoc on their legacy plans. The proposed rules, issued in August 2016, “Restrictions on Liquidation of an Interest […]

Why it’s been 30 years since the last tax reform

Download PDF Why It’s Been 31 Years Since the Last Tax ReformSources: Inside.gov & Internal Revenue Service President Donald Trump has promised the most comprehensive overhaul of the tax system since 1986. That was when a Republican president joined forces with a Democratic House of Representatives and a Republican Senate to lower personal income-tax rates […]

What’s New in Estate and Gift Tax

Download PDF   WHAT’S NEW – ESTATE AND GIFT TAX   Consistent Basis Reporting Between Estate and Person Acquiring Property from Decedent On March 23, 2016, the IRS issued Notice 2016-27, which provides that statements required under section 6035, regarding the basis of property distributed from the estate of a decedent, need not be filed […]

STATEMENTS TO IRS & BENEFICIARIES REGARDING BASIS REPORTING POSTPONED UNTIL JUNE 30, 2016

  Download PDF     STATEMENTS TO IRS & BENEFICIARIES REGARDING BASIS REPORTING POSTPONED UNTIL JUNE 30, 2016   IRS has again delayed the initial due date for providing statements to IRS and to beneficiaries, under the rules requiring consistent basis reporting for estate tax and income tax purposes, this time until June 30, 2016. […]

2016 INFLATION ADJUSTED EXCLUSION – ESATE & GIFT TAX

Download PDF   INFLATION-ADJUSTED 2016 FIGURES FOR ESTATE AND TRUST TAX BRACKETS AND OTHER TRANSFER TAX ITEMS   A number of tax figures are adjusted each year for inflation based on the average Consumer Price Index (CPI) for the 12-month period ending the previous August 31. The August 2015 CPI has been released by the […]

2017 ADMINISTRATION BUDGET PROPOSALS INCLUDE TWO NEW ESTATE PLANNING CHANGES

Download PDF     ADMINISTRATION BUDGET PROPOSALS INCLUDE TWO NEW ESTATE PLANNING CHANGES, AND MANY OLD ONES   In Dept. of the Treasury, “General Explanations of the Administration’s Fiscal Year 2017 Revenue Proposals,” (Feb. 2016), https://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2017.pdf, the Administration included in its 2017 budget proposals two new proposals to impose more restrictions on contributions of conservation […]

2017 BUDGET PROPOSAL – SIGNIFICANT ESTATE AND GIFT TAX CHANGES ARE PROPOSED

Download PDF     PRESIDENT’S FY 2017 BUDGET CONTAINS ESTATE AND GIFT-RELATED TAX PROVISIONs   On February 9, 2016, President Obama released his federal budget proposals for fiscal year 2017. The Treasury Department also released its “General Explanations of the Administration’s Fiscal Year 2017 Revenue Proposals” (the so-called “Green Book”). Although many of the proposals […]

Have Recent Court Decisions Sounded The Death Knell For Single Member LLCs In An Asset Protection Plan?

Download PDF Have Recent Court Decisions Sounded The Death Knell For Single Member LLCs In An Asset Protection Plan? As LLCs are creatures of state law, any analysis of an LLC’s role in an asset protection strategy must consider the relevant state’s LLC act as well as case law that interprets it. The Revised Uniform […]

2014 Last-Minute Tax Changes

Download PDF   2014 Last-Minute Tax Changes     Nearing the end of 2014, Congress, once again, has extended the “expiring” tax benefits. This means that certain benefits that had expired on Jan. 1, 2014, were retroactively reinstated back to the state of the year. And, like last year, they again expire on Dec. 31. […]