If you want someone to represent you in front of the IRS, you will need to execute Form 2848. The 2021 version is below. Updated versions are available at www.irs.gov.
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General Sources: Autism Society’s Capital Connection 12-16-2021 (reviewing Build Back Better Act) National Health Care Spending in 2020: Growth Driven by Federal Spending in Response to Covid-19 (Health Affairs) House Advances Build Back Better Act (Health Affairs) Indirect Gift Tax Considerations for 2021 (The Tax Advisor) Smart moves to make with your retirement portfolio before […]
General News Sources: NAELA member Janet Colliton, CELA, wrote Eligible Charity Distribution can reduce taxes Lack of special ed teachers keeps some autistic students ill-prepared for college Bob Dole remembered as champion for people with disabilities If you have a child with special needs, here’s how to plan for their life after you pass What […]
The Build Back Better Act passed the U.S. House of Representatives on Friday, November 19, 2021 on a mostly party-line vote. The White House describes the key provisions as: It lowers your costs to save you money on things like prescription drugs and health care and housing. It gets Americans back to work by providing […]
News Sources: Elder Law Attorney Daniel Tully has 9 questions you should ask before you or a loved one goes into a nursing home Elder Law Attorney Janet Colliton answers “Where is home when you have more than one?” Social Security proposal would raise revenue and temporarily enhance benefits Nursing homes can now lift most […]
In 2022, the annual gift tax exclusion will increase from $15,000 to $16,000 per recipient. In 2022, the estate and gift tax exemption will increase from $11.7 million to $12.06 million per taxpayer. See IRS provides tax inflation adjustments for tax year 2022. See also IRS Announces Increased Gift and Estate Tax Exemption Amounts Also […]
Selected articles from Current Awareness in Aging Research E-Clippings: Staff Shortages Are Hammering Long-term Care Facilities, Home Care Agencies, and Families Pandemic-inspired retirement may be short-lived for many More than 41million dementia cases globally are undiagnosed – study Signs of Early Alzheimer’s May Be Spotted in Brain Stem The quality, not quantity, of cardiovascular fat […]
In 2021, the life-time estate and gift tax exemption is $11.7 million per donee (dead person or giftor). The exemption is scheduled to roll back to pre-2018 levels in 2026 unless extended by Congress. IRS Notice IR-2019-189 accompanied final regulations known as Anti-Claw Back regulations. These regulations essentially state that if you make a gift […]
Transfer of Partnership Interest Was Not Immediate Gift (TC) —————————————— The tax court was faced with whether gifts petitioners made of limited partnership interests to their adult children during 2000, 2001, and 2002 qualified as annual exclusions pursuant to section 2503(b). The court found that they did not. On September 11, 1997, petitioners formed Price […]
Section 1(e) of the Internal Revenue Code imposes an income tax on estate and trusts. 2021 federal income tax rates for estates and trusts are included in Revenue Procedure 2020-45. They are as follows: If taxable income is: The tax is: Not over $2,650Â – 10% of taxable income Over $2,650, but not over $9,550 […]
