On December 22, 2017, President Trump signed into law the most important rewrite of the US tax code in decades. The federal law, which is entitled “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution of the budget for the fiscal year 2018”…
The just-enacted Tax Cuts and Jobs Act doubles the federal estate, gift, and generation-skipping transfer lifetime tax exemptions through 2025. The exemptions revert to their pre-Act levels on January 1, 2026. Ignoring inflation adjustments, the combined exemptions for a married couple will then fall from over $22 million to $11…
With the standard exemption increasing and federal income tax rates generally falling in 2018, accelerating charitable gifts into 2017 may seem like a no-brainer. You might want to think twice if you plan a large charitable gift. Under current law, the income tax charitable deduction and many other itemized deductions…
The Tax Cuts and Jobs Act eliminates Section 1031 Exchanges for non-real estate transactions effective January 1, 2018. But you still have time to plan If you anticipated executing an early—2018 1031 Exchange with art, equipment, or other non-real estate investment assets. The Act includes a transition rule that allows…
If you own a closely-held business, it likely utilizes a “pass-through” S corporation or partnership tax classification. The owners pay income tax individually on pass-through entity income, whether or not the business distributes the income. C corporations are different. C corporations pay tax on their own income. The shareholders pay…