If Joe Biden Wins, Get Ready For A Big Battle Over Tax PolicyEstate attorneys, certified public accountants (CPAs) and the very wealthy will likely go to war with the federal government should former Vice President Joe Biden assume the Oval Office. The issue at hand? Biden’s tax reform proposals, …
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10 tax planning steps to take before New Year’s Eve
10 tax planning steps to take before New Year’s EveIn the spirit of not waiting until the last minute, in this case New Year’s Eve, tax experts at Wilmington Trust have compiled a checklist for advisors with tips that can help clients come closer to preserving or enhancing their assets.“If 2020 has …
Addressing the 10-year hitch in pretax retirement plans
Addressing the 10-year hitch in pretax retirement plansGood news for non-spouse beneficiaries of tax-deferred retirement accounts: thanks to the 10-year rule in the Secure Act passed into law late last year, most will avoid annual required minimum distributions for deaths occurring after 2019.But …
IRS Announces Higher Estate And Gift Tax Limits For 2021
IRS Announces Higher Estate And Gift Tax Limits For 2021The Internal Revenue Service announced today the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, up from $11.58 million in 2020. That means an individual could leave $11.7 million …
IRS Releases 2021 Tax Rates, Standard Deduction Amounts And More
IRS Releases 2021 Tax Rates, Standard Deduction Amounts And MoreThe Internal Revenue Service (IRS) has announced the annual inflation adjustments for the tax year 2021, including tax rate schedules, tax tables and cost-of-living adjustments.These are the numbers for the tax year …