Why You Should Make Gifts Well Before the Expiration of the TCJA in 2025 — Preserving Your $14 Million Lifetime Gift and Estate Tax Exemption
The Tax Cuts and Jobs Act (TCJA), passed by Congress in 2017, introduced a number of sweeping changes to tax laws, one of the most significant being the substantial increase in the lifetime gift and estate tax exemption. Currently, this exemption allows individuals to transfer significant amounts of wealth—either during their lifetime...
How California’s Proposition 19 Interferes with Gift-Giving of Real Estate from Parents to Children
California’s Proposition 19, which took effect on February 16, 2021, has drastically altered the landscape of real estate inheritance and property transfers within families. For years, California families could pass down homes from parents to children while retaining the same low property tax assessments, allowing heirs to enjoy the benefits of relatively...
The Connelly Case: A Wake-Up Call for Small Business Owners with Buy-Sell Agreements Funded by Life Insurance
Connelly vs. Internal Revenue Service: A Critical Legal Development for Small Business Owners
Small business owners often rely on buy-sell agreements to ensure the smooth transition of ownership upon the death of a partner. These agreements, commonly funded by life insurance, provide a vital safety net, ensuring...
Estate Planning Tax Law Changes – Be Prepared!
As we write this commentary, Congress and the White House are negotiating over proposed legislation which, if enacted in its current form, would...
Don’t Miss Out on New State Income Tax Deduction for your Federal Tax Returns!
To Qualify, Single Member LLCs and sole-proprietorship would have to become S-corporations or Partnerships for Tax Filing Purposes.
Since the Tax Cut and Jobs Act was passed, there’s been a $10,000 cap on the state and local/property tax deduction on individual federal income tax returns.The Latest IRS Mindset – Enforcement (but with a lighter touch since the pandemic)
The IRS Commissioner, Charles “Chuck” Rettig, a former Los Angeles-based tax lawyer of 38-years, diligently made his rounds last year at virtually every major tax conference around the country.
The message –
“I’m an...