The CARES Act–Summary of Tax Provisions-Major Relief For Businesses, Including Loan Forgiveness
In the midst of the Corona Virus epidemic, Congress is poised to pass a massive $2 trillion relief package known as the Coronavirus Aid, Relief and Economic Security Act — [...]
It’s Official. No Clawback For Huge Gifts Prior to 2026
In IR-2019-189, the IRS confirms that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025, will not be adversely impacted after [...]
IRS Releases Inflation Adjusted Tax Figures for 2020
The IRS has just released the 2020 inflation adjusted numbers on income tax brackets, standard deduction amounts, and gift/estate tax exemptions, amongst other things. For estate planners, the following figures [...]
Qualified Opportunity Funds–Excellent Opportunity to Defer (& Exclude) Capital Gain
Posted by Joseph Zimmerl:Under the 2017 Tax Cuts and Jobs Act, Opportunity Zones were added to the tax code under Internal Revenue Code section 1400Z-2. The designation of a community [...]
President Trump Signs IRS Reform Bill
On July 1, President Trump signed the IRS reform bill, the Taxpayer First Act. The Act changes the management and oversight of the IRS. One purpose of the Act was to [...]