The IRS recently announced annual inflation adjustments for the 2022 tax year on several tax provisions. Some of the affected provisions include: the estate tax unified credit, annual gift exclusion, standard deduction amounts, and personal income tax rates. Below is a summary of the inflation…
On December 20, 2019, the Setting Every Community Up For Retirement Enhancement (SECURE) Act was signed into law. The law became effective on January 1, 2020 and created sweeping changes to the landscape of retirement and estate planning. Pre-SECURE Act Rules for Beneficiaries Before…
On December 22, 2017, the Tax Cuts and Job Act was signed by President Trump, signaling a sweeping legislative reform of the federal tax code. In November, we discussed how the new tax bill would affect pass-through entities, so now we will turn our attention…
Today, the House of Representatives passed its own tax reform bill that includes $1.5 trillion in tax cuts for individuals, corporations, and other business entities. Although the bill is far from becoming law, as the House and Senate bills must be unified, successfully voted on,…
Yesterday members of the Trump administration, Gary Cohn and Steven Mnuchin, outlined the broad strokes of President Trump’s tax proposal. Included in the proposal are plans to reduce the seven tax brackets currently in place to three, dramatically lower the tax rate for businesses, double the standard…
With tax season in full swing, now is the time when companies like Turbotax or H&R Block start bombarding your inbox with advertisements for “free” tax return services. The only problem is that often when you click through the ad for “free” services, they aren’t actually…
Two months ago Prince Rogers Nelson (aka pop icon Prince) died reportedly without a will. The singer was not married, and left behind no surviving children or parents. As a result, under Minnesota intestate succession laws, his sister and half siblings stand to inherit Prince’s millions. However, dividing…
