Estate and Gift Tax Planning Opportunities Under the Tax Cuts and Jobs Act
In my January 12, 2018 blog, in which I addressed the Tax Cuts and Jobs Act[1] which became effective January 1, 2018, I reviewed some of the changes affecting the federal estate and gift tax – primarily the doubling of the exemption to $11,180,000 per… Read More
Estate and Gift Tax Consequences of the Tax Cuts and Jobs Act
On December 22, 2017 President Trump signed the Tax Cuts and Jobs Act which became effective January 1, 2018, although many of its provisions will sunset on December 31, 2025. Most of the changes under the Act affect the federal corporate and personal income tax,… Read More
Is a Federal Income Tax Deduction Available for 2018 Real Property Taxes Paid Before December 31, 2017?
Under the Tax Cuts and Jobs Act the standard deduction has been doubled to $12,000 for single individuals and married individuals who file separately and to $24,000 for married couples who file jointly. As a result, many individuals who will itemize on their 2017 federal… Read More
Tax Reform Actions That May Be Taken Before December 31, 2017
It’s the holiday season and everyone has plenty of items on their “to do” list. The proposed tax reforms have created additional items to add to your list that you may consider completing before December 31 (of course subject to a bill actually passing)! The… Read More
Federal Estate Tax Inflation-Adjustments for 2018
Throughout the federal tax code there are figures which are inflation-adjusted – meaning they go up when there is inflation and they go up more when there is more inflation. The adjusted figures for the coming year are generally announced in October of the current… Read More
IRS Withdraws Regulations Which Could Have Eliminated Valuation Discounts
The IRS has never been a fan of valuation discounts. These discounts allow the owner of a closely-held business to transfer an interest in the business to family members and others and, for gift and estate tax purposes, take a discount which reduces the value… Read More
If you want a charitable deduction for a gift of property to a charity, you must avoid imposing restrictions upon the charitable donee
IRC §170(a) allows a deduction for any charitable contribution made during the taxable year. IRC §170(c) defines a charitable contribution to include a contribution or a gift to or for the use of qualified entities. A contribution is not deductible unless it constitutes a completed… Read More
The Soda Tax in Court
This guest post was authored by Brandon Matsnev, a summer associate with Montgomery McCracken. The Philadelphia Beverage Tax, commonly referred to as the “Soda Tax,” has unleashed vigorous political debate. The legislation, implemented January 1, 2017, taxes soda distributors 1.5 cents per ounce of soda sold… Read More
Checklist of Tax and Non-Tax Considerations for Someone on His/Her Deathbed
I am often asked by family members of a loved one who is on his/her death bed what steps should be taken from an estate planning, tax and non-tax perspective that will make the individual more comfortable, save taxes, preserve assets and make settling the… Read More
Branch Transactions – New Aggregation Election
Do you have a business that has a branch in a foreign country? If so, new regulations will dictate how you determine your taxable income. Many businesses have a branch in a foreign country. This may include conducting business in the foreign country through an… Read More