Congress put a limit on deductions for state and local taxes (“SALT”). Previously, these deductions were unlimited (although restricted under the Alternative Minimum Tax, AMT). Under the new law, taxpayers can only deduct up to $10,000per tax returnfor SALT (i.e., a single filer...
This way, you will really push yourself to the limit. This is what many people who are trying to deep clean their houses do. They say they get much more done when they are on a time crunch. Get the Whole Family Involved The last way to make house cleaning more fun is to involve ...
This paper examines whether the retroactivity literature should be modified in the context of sunsetted legislation. Generally, retroactive tax legislation must pass two requirements: it must be rationally related to a legitimate legislative purpose and it must limit the retroactivity to a modest period...
The Estate Tax is the tax that is assessed against an individual’s total estate and all assets included in such estate when that individual passes away. The Estate Tax rate of 40% did not change. However, the most significant change was the Estate Tax exemption amount doubled. Under the ...
This is also something that is currently scheduled to sunset or expire as of the end of next year, but we’re hopeful that this will also be reinstated too. Dave: Okay, great. So just want to first clarify something. Back in 2017, Trump passed just a kind of sweeping tax reform act...
I’m not so sure of that, given the state legislative policy of setting a hard sunset expiration period. I’m sure some HOA’s will try to get lot owner votes in place and record a new set of covenants as if they were original to the subdivision. We will have to see how this ...
In addition, you can give gifts to family members that qualify for the annual gift tax exclusion. For 2024, there is no gift tax liability on gifts of up to $18,000 per recipient. You do not even have to file a gift tax return. Moreover, the limit is doubled to $36,000 for joi...
Mid-week I noticed new “speed limit” signs posted on the paths. The ones next to the roadway in front of Lighthouse Café and The Lazy Flamingo say “10 mph” which initially made me think I was speeding in my car. Regarding E-bikes on the paths, only Class 1 bikes are permitted...
Estate Planning for the Sunset of TCJA Estate and Gift Tax Exemptions November 21, 2024 • CLE, CPE, EA • CLE On-Demand This CLE/CPE webinar will provide trusts and estates attorneys and advisers with critical planning considerations in light of the sunset of estate and gift tax exemp...
While the stated intent of these mandates was to identify and limit tax evaders who sought to conceal assets outside of the country, their impact has been far more profound for the average expat seeking to build a new life a foreign land. Here’s a little bit more about these two requir...