For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.
With the passage of the Tax Cuts and Jobs Act of 2017 (“TCJA”), many itemized deductions previously available to taxpayers were either limited or eliminated. Due to the significant increase in the standard deduction, many taxpayers have abandoned the task of accumulating expenses once allowed to offset taxable income as an itemized deduction.
The Financial Accounting Standards Board (FASB) issued new lease standards in 2016, ASC 842, replacing and modifying current financial accounting and reporting for lessees and lessors. The new standard is a significant shift in accounting processes, which can impact various other aspects of a business.
One previously obscure section of the Internal Revenue has gotten renewed interest in recent years and it could mean significantly lower taxes for you. Policymakers have long sought to encourage investment in small businesses and one of the strongest incentives that Congress has enacted is Internal Revenue Code (IRC) Sec. 1202.
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 otherwise known as the “SECURE Act” was signed into law. This law made important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules.
Before the tectonic shift felt by businesses and industries across the U.S. due to the pandemic, our team was spending thousands of hours and budget on one task. Nine Bennett Thrasher associates monitored, manually opened, downloaded, logged and updated billing codes to confirm and initiate signed client engagement letters.
In the early stages of the pandemic, state revenue forecasts anticipated losses of approximately $370 million (a decrease of over 40%). Amidst these changes, states looked to evolve their existing tax laws to bridge the anticipated budgetary shortfalls.
In the height of the COVID-19 pandemic, the Secretary of the Department of Health and Human Services decided to waive many of the restrictions found in the Physician Self-Referral Law, more commonly known as the Stark Law. The primary intent of the waivers was to increase access to healthcare for those who needed it most due to COVID-19.
On April 27, 2022, the IRS issued proposed regulations intended to provide additional clarity on the estate and gift tax “anti-clawback” provision adopted by the Service in late 2019. The proposed regulations would exclude certain lifetime gifts that are treated as includible in the donor’s gross estate from the favorable treatment provided by the anti-clawback rules.
Governor Kemp ended Georgia Small Business Week by signing HB 1058, which permits affiliated corporations in Georgia to elect filing a consolidated income tax return for tax years beginning on or after January 1, 2023.