As the law currently stands, taxpayers have now through 2025 to take advantage of the increased estate and gift tax lifetime exemption assuming no intervening legislative changes.
With good planning and communication, many tax-advantageous opportunities are out there for individuals to maximize the assets they wish donate to charity while retaining the tax benefit.
An Irrevocable Life Insurance Trust (“ILIT”) is a trust that can be used to minimize estate taxes by moving the proceeds of life insurance policies outside of your taxable estate. This article provides a general overview of ILIT funding and administration requirements.
To maintain the incentive for individuals to own and operate a pass-through entity, the Act introduced the new Section 199A Qualified Business Income Deduction.
The changes are many and too voluminous to cover in one article, so we are focusing on the most impactful changes for individuals and strategies taxpayers should consider prior to year-end to give fewer tax dollars to Uncle Sam in April 2019.
QO Zones are economically-distressed communities designated by each state. Governors were allowed to designate 25 percent of their states’ eligible census tracts as QO Zones based on economic need and desired paths of growth.
This article explains the importance of treating shareholder loan transactions as bona fide loans and charging an “adequate” rate of interest.
Employer credits are available to employers who offer paid family and medical leave.
The TCJA made more changes to the tax code than any bill since 1986, but not all the rumored changes actually passed. Key proposals were left out of the final legislation, including the repeal of the Estate and Gift Tax and other major policies affecting businesses and individuals.
Charitable contributions are one of the few deductions enhanced under the Act. If you keep in mind the various rules and limits, charitable giving can continue to play a key role in your tax planning.