Congress pushed through massive changes to the federal tax law, most of which are effective beginning in 2018. One of the most significant changes made was to the estate and gift tax law.
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans, thresholds for deductions and credits, and standard deduction and personal exemption amounts. Here are a few of the key adjustments for 2017.
Proposed changes could hinder your ability to take valuation discounts when transferring ownership interests in privately held businesses to family members
With the 2016 tax season upon us, here are a few tips for preparing the Form 1041 income tax filings for trusts and estates, as well the Form 709 gift tax filing.