On July 19, 2024, the IRS published final regulations regarding required minimum distributions (RMDs) from qualified plans. Required Minimum Distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach […]
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Stetson’s College of Law announced that it will offer a graduate certificate program for Elder Law Attorneys who need tax knowledge, but not the Tax LL.M. They state: Many cases affecting clients involve tax issues. Because clients often fall in the middle class, they do not always need sophisticated tax planning. But, attorneys who represent […]
The amounts below are the estate tax exclusion amounts as provided by the IRS. Unless Congress takes action, in 2026, the exclusion amount will revert to the pre-2018 level ($5,490,000) per deceased person. You can, however, use your exemption now. On November 26, 2019, the IRS clarified that individuals taking advantage of the increased gift […]
On November 28, 2023, the IRS Office of Chief Counsel published a memorandum addressing whether modification of an irrevocable grantor trust to add a tax reimbursement clause not previously in the trust constituted a taxable gift. The IRS concluded that it does constitute a taxable gift by the trust beneficiaries because the addition of a […]
Each year statutory provisions require the IRS to adjust tax rates based on inflation. Although we’re a bit tardy posting the numbers, here are the ones that matter most for our purposes. Gift Tax Annual Exclusion: $18,000 per recipient or $36,000 per recipient for a married couple. This is not a limit on gifting, but […]
Until recently, the IRS has said little (if anything) regarding whether assets the beneficiary of an irrevocable trust receives get a step up in basis following the Grantor’s death. With issuance of Revenue Ruling 2023-2, that has changed. The IRS has spoken. In RR 2023-2, the IRS posed the following hypothetical which I’ve edited slightly: […]
There are several steps in setting up a tax exempt organization. We’re reviewing them here. However, this post is not designed to tell you anything other than the set-up process and it is not intended to be tax advice. CIRCULAR 230 NOTICE: To comply with the requirements imposed by the United States Treasury Department, any […]
February 18th is National Caregiver’s Day! General News Sources: Will Social Security run out of money? Here’s what could happen to your benefits if Congress doesn’t act Georgia AG Carr Warns Georgians to Beware of Romance Scams | FBI Warning North Macedonia President Walks Girl With Down’s Syndrome To School After She Was Bullied What […]
