The Pro Football Hall of Fame recently announced the finalists for the Class of 2022, and it occurred to me that estate law legislation is a lot like the Pro Football HOF. The list is announced, some fall by the wayside, but eventually, fifteen names make it and the number of bronze statues in Canton, […]
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Why it’s Time to Convert Mega-IRAs to Mega-Roth IRAs
Congress is in session, with Democrats working to create a social policy plan with a $3.5 trillion price tag. Where’s the money coming from? CNBC reports that a new type of required distribution from individual retirement plans, based on the account’s value and not the owner’s age, is on a discussion list. Specifics are meager, […]
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Tax Proposals in Real Time – What You Need to Know Right Now
On Monday, September 13, a tax bill was sent to the Ways and Means Committee. Notably, there was no proposal to kill basis step up or repeal the SALT deduction limitation. The contents are already shaking the IRA world. It’s only been 35 hours since this bill has been made public. Here are the headlines: […]
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Here’s How Wrong the IRS Can Be: Michael Jackson’s Estate Big Tax Court Win
Seven years after it began, the estate of Michael Jackson has won big in U. S Tax Court. Following a ruling that found the singer’s name and likeness was worth far less at his time of death than what the IRS had claimed, the estate will pay far less than the $700 million initially deemed […]
Continue reading…Proposed Legislation “For the 99.5% Act” Takes Direct Aim at Estate Taxes
Last week, Senator Bernie Sanders (I, VT) and Senator Shelton Whitehouse (D, RI) introduced the “For the 99.5% Act,” which includes a reduction in the estate tax exemption to $3.5 million per individual and $7 million per couple. Sanders also introduced a bill to raise the corporate tax to 35% and reduce a corporation’s ability […]
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IRS Extends Tax Deadline to May 17 – Note: New York State Deadlines Have Not Changed
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. It is important to note that this deadline change is only for federal taxes. As of this writing, New York […]
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Estate Planning Tells Them You Really Care
Another box of chocolates, another dozen roses, but after Valentine’s Day has been and done, and these are fleeting moments. What is not fleeting is an estate plan, which may not sound romantic until considering how much an estate plan shows your love. We’re not kidding. An estate plan includes a will. That gives your […]
Continue reading…IRS and Treasury Announce Intent to Issue Regulations: State and Local Income Taxes Will be Deductible for Businesses Structured as Passthrough Entities
Anyone who owns rental property and has not yet re-structured ownership into a passthrough entity now has another reason to make this change. We encourage you to call our office to get this done before year’s end to make the most out of this opportunity from the Treasury and the IRS. The $10,000 limit on […]
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Top Tax Moves Before December 31, 2020 – But Don’t Wait Until the Last Minute
There are a number of smart money moves to make before this historic year is over. Some of them were enacted as part of the economic relief package passed earlier in this year and others are traditional techniques, like charitable donations from an IRA. There’s still time to make these changes, but I’d encourage you […]
Continue reading…IRS Issues Changes in Revenue Procedure 2020-45
On October 26, 2020, the IRS issued IRS Rev. Proc-20-45 outlining the changes in the various tax rates, brackets and exemptions, and other income and estate and gift tax exclusions. Highlights of Changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file […]
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