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.
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.
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.
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.
The cybersecurity landscape is rapidly becoming more challenging as the pace of attacks on organizations increases and new threats emerge. An increasing reliance on remote work necessitated by the COVID-19 pandemic has only added to these challenges.
Under the current law, Required Minimum Distributions (RMDs) are the minimum amounts that an Individual Retirement Account (IRA) owner must withdraw annually starting after the year that he or she reaches age 72. IRA owners are responsible for taking the correct RMD each year from their IRA.
As the 2022 legislative session came to a close, Georgia lawmakers finalized legislation (H.B. 1437) that will provide an anticipated $1 billion in individual taxpayer savings. The bill includes a change from Georgia’s current graduated income tax, where rates increase from 1 to 5.75 percent as income increases, to a flat tax rate that declines from 5.49 to 4.99 percent in 2029.
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