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Estate and Gift Taxes – Plan Now for Reduced Exemption in 2026

Dent Moses

For the past five years, taxpayers have enjoyed historically high gift and estate tax exemptions, thanks to the Tax Cuts and Jobs Act of 2017. This substantial exemption has allowed individuals and families considerable flexibility in their estate planning. This legislation doubled the exemption from approximately $5.5

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Tax expert advises “be prepared early” for potential TCJA changes

ThomsonReuters

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

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Why Opportunity Zones Are a Good Investment in 2024

CPA Practice

By Daniel Goodwin, AWMA, Kiplinger Consumer News Service (TNS) Opportunity zones, created by the Tax Cuts and Jobs Act, were designed to spur economic development and job creation in specific communities and census tract areas, while simultaneously providing substantial tax incentives for investors. How do opportunity zones work?

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Prepare for 2025 and These Sunsetting TCJA Tax Changes

Anders CPA

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2 million to $11.2

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Shohei Ohtani’s Deferred Compensation Comes With Shocking Tax Obligations

Withum

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

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3 Tax-Smart Tactics for Clients With $1 Million or More in Tax-Deferred Investments

CPA Practice

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? That’s what I’ve been told all my life.”

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Going, Going…Gone: Will Medicare Tax Liability Strike Out Shohei Ohtani’s Annual Salary?

Withum

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.