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March 9, 2022

Proposed Regs Clarify Rehabilitation Credit

The IRS has released proposed regulations regarding changes made to the Internal Revenue Code’s Section 47 rehabilitation tax credit under the Tax Cuts and Jobs Act (TCJA). The regulations address several taxpayer concerns that have arisen in the wake of the law’s passage, including how the credit should be allocated. (more…)

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Categories: Real Estate
Tags: Real Estate, Rehabilitation Credit, Tax Cuts and Jobs Act, TCJA,
February 12, 2021

Section 1202 Qualified Small Business Stock Exclusion - Time for a Closer Look?

When the 2017 Tax Cuts and Jobs Act (TCJA) dropped the corporate tax rate to 21 percent, it triggered a new wave of interest in a somewhat obscure provision of the Internal Revenue Code, Section 1202, which could enable shareholders of qualifying businesses to avoid paying federal income tax on the gains they realize from the sale of their stock. (more…)

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Categories: Uncategorized
Tags: Qualified Small Business Stock, Section 1202, Tax Cuts and Jobs Act,
April 26, 2019

IRS Provides Estate Tax Protection Against Sunsetting TCJA Provisions

Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after 2025, unless Congress takes further action. Notably, the TCJA provision that doubled the gift and estate tax exemption from $5 million to $10 million (adjusted annually for inflation) will revert to pre-2018 levels after 2025. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Economic Growth and Tax Relief Reconciliation Act, Gift and Estate Tax, Gift and Estate Tax Exemption, Tax Cuts and Jobs Act,
April 25, 2019

How a Crummey Trust May Benefit an Estate Plan

The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, you may implement strategies in the wake of the TCJA that are designed to reduce future exposure to federal and state estate taxes.

One such option, a Crummey trust, remains a viable option. Despite its odd-sounding name, derived from the landmark case authorizing its use, the results are anything but crummy. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Crummey Trust, estate planning, gift tax, Tax Cuts and Jobs Act,
February 27, 2019

Estate Tax Concerns for Both Today and the Future

The Tax Cuts and Jobs Act (TCJA) doubled the federal gift and estate tax exemption amount from $5 million to $10 million, adjusted annually for inflation. Combined with the unlimited marital deduction and other estate tax provisions, including portability of the exemption, a married couple can easily shelter more than $20 million from federal estate tax. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Gift and Estate Tax, San Jose Estate Planning, Tax Cuts and Jobs Act,
February 26, 2019

Beware of the New Tax Law’s Impact on Trust and Estate Income

In this podcast, Chris Madrid from our Family Wealth and Individual Tax Planning Group discusses important modifications the Tax Cuts and Jobs Act made to the income taxation of trusts and estates for 2018 and beyond.

https://www.aslcpa.com/wp-content/uploads/2019/02/Chris-Madrid-Podcast-2.25.19-FINAL.mp3

Read the Beware of the New Tax Law’s Impact on Trust and Estate Income article.

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Categories: Family Wealth & Individual Tax Planning, Tax Reform, Winter 2019
Tags: estate planning, Tax Cuts and Jobs Act, Trusts and Estates,
By Abraham Livchitz
•
February 13, 2019

Tax Reform…. Not in California

UPDATED JULY 18, 2019: At Last…Partial Conformity…

In December 2017, Congress passed the Tax Cuts and Jobs Act (TCJA) which was the most significant tax reform legislation enacted since the 1980s. In July 2019, 18 months later, the California legislature acted and the governor signed Assembly Bill 91 that contained a select number of conformity provisions. These provisions will simplify tax compliance for California taxpayers as differing federal and California tax reporting for certain transactions will no longer be required. Unfortunately, California has yet to conform to most of the changes enacted by the TCJA.

The conformity changes included in AB 91 are highlighted below.

However, in an act of “reverse conformity,” the legislature passed Senate Bill 78. Originally, the federal Affordable Care Act imposed a “penalty tax” on taxpayers who did not have qualifying health insurance coverage. Congress repealed this “tax” effective January 1, 2019. But due to an act of reverse conformity, a “penalty tax” will once again be imposed on California taxpayers that do not have qualifying health insurance, effective January 1, 2020. (more…)

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Categories: Tax Reform, The Musings of our Authors, Updates & Alerts
Tags: Abe Livchitz, California, Tax Cuts and Jobs Act, Tax Reform,
February 12, 2019

Beware of the New Tax Law’s Impact on Trust and Estate Income

By Christine Collins Madrid, CPA, Tax Director

The Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, made important modifications to the income taxation of trusts and estates for 2018 and beyond. Trust and estate income tax rates and brackets changed, along with deductibility of some estate and trust administrative expenses. Also, a new qualified business income deduction is available, under certain circumstances, that could be as much as 20% of qualified business income. (more…)

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Categories: Family Wealth & Individual Tax Planning, Tax Reform, Winter 2019
Tags: Christine Collins Madrid, estate planning, Tax Cuts and Jobs Act, TCJA, Trust and Estate Income,
August 27, 2018

Estate Planning Pitfall - You’re Not Paying Enough Attention to State Estate Tax Laws

The Tax Cuts and Jobs Act (TCJA) provides greater flexibility in estate planning for many taxpayers. Under the TCJA, the federal gift and estate tax exemption is increased from $5 million to $10 million, subject to inflation indexing. The indexed amount for 2018 is $11.18 million.

The exemption is effectively doubled to $22.36 million for a married couple. Thanks to the portability provision, the estate of a surviving spouse can use the unused portion of the exemption from the estate of the first spouse to die. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Inheritance tax, State estate tax, Tax Cuts and Jobs Act,
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