Download PDF INCREASE IN 2020 APPLICABLE EXCLUSION AMOUNT – ESTATE TAX The Internal Revenue Service (IRS) just announced that the estate and gift tax exemption for 2020 is increasing to $11.58 million per person — up from $11.40 million in 2019. If you are like most people, you are probably asking, “What […]
Author Archives: nikdouglas
2017 Tax Reform and Jobs Act
January 12, 2018 – 15:33
Download Full PDF ROADMAP TO 2017 TAX REFORM AND JOBS ACT December 29, 2017 effective for 2018 and thereafter. (Watch out for sunset provisions from 2025 to 2028.) This roadmap shows how the 2017 Tax Reform and Jobs Act (“An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution […]
2017 Estate and Gift Tax Limits
October 17, 2017 – 14:02
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
October 17, 2017 – 13:52
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
February 22, 2017 – 14:46
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
July 31, 2016 – 23:22
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
April 6, 2016 – 13:50
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
March 3, 2016 – 16:40
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
March 1, 2016 – 14:40
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
February 29, 2016 – 16:20
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 […]