Tax Reform News

A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth

A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth The Tax Cuts and Jobs Act (TCJA) substantially increased the gift and estate tax exemption. For 2020, the inflation-adjusted amounts are $11.58 million for individuals and $23.16 million for married couples filing jointly. This creates a significant tax-saving opportunity for wealthy families. However, because…

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Final Regs: Transfers to Partnerships with Related Foreign Partners

The IRS recently issued final regulations that address transfers of appreciated property by U.S. persons to partnerships that have partners who are related foreign persons — that is, foreign persons related to the transferor. The regs generally override the rules providing for nonrecognition of gain on a contribution of property to a partnership in exchange…

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7 Valuable Small Business Tax Credits

Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable credits that can lower their tax bills. Here are 7 small business tax credits to consider this tax year and…

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Should You Extend Your 2019 Tax Return?

The whys and how of filing an extension on your 2019 tax return Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10 million people in previous years. Why did the number of extensions surge last year? Most changes under the…

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Has the TCJA Lowered Your Taxes?

Are your taxes lower than before the TCJA went into effect? Not surprisingly, the answer depends on your specific situation. We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Perception vs. Reality After most people filed their 2018 tax returns, only 40% believed that…

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