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News, Articles & Resources

Category: Tax Planning & Compliance

President Biden Prepares to Sign into Law the Infrastructure Investment and Jobs Act

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On November 5, 2021, the House of Representatives passed the Infrastructure Investment and Jobs Act (H.R. 3684) (the “Act”) by a 228-206 vote after the Act was passed in the Senate by a 69-30 vote in August. The Act was presented to President Biden on November 8, 2021, and he…

IRS updates its process for frequently asked questions

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The Internal Revenue Service (IRS) recently published a News Release in which it addresses its process for publishing frequently asked questions (FAQs) on tax legislation and taxpayers’ concerns regarding relying on such FAQs. With the enactment of the CARES Act and other coronavirus-related tax legislation providing taxpayer relief during the…

When Gifting to Save Estate Taxes, it is Essential to Consider Loss of Step-Up in Basis

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Since the House Ways and Means committee proposed reducing the estate and gift tax exemption from $11,700,000 to approximately $6,000,000 (as adjusted for inflation) effective January 1, 2022, there has been a rush by many wealthy individuals to make gifts by utilizing the $11,700,000 exemption while it is still available…

Income Tax Planning with Individual Retirement Accounts

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We are occasionally faced with a situation where an IRA is designated to an individual that has predeceased the IRA owner with no contingent designated beneficiary named.  In a situation where no designated beneficiary is named, the custodian agreement will control beneficiary designation and many times the IRA ends up…

Could dramatic estate tax changes be looming?

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As was reported in our newsletter dated September 16, 2021, House Ways and Means Democrats Proposed Changes (link), the Ways and Means Committee of the United States House of Representatives (the principal tax writing committee) recently proposed substantial tax changes.  Several of the provisions in the bill could have a…

House Ways and Means Democrats Proposed Tax Changes

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Details regarding tax increases needed to fund infrastructure and social safety net changes are beginning to emerge.  House Ways and Means Democrats have released text with includes, among many other things, increases in corporate and individual tax rates. Corporate tax rates will increase from 21% to 26.5%.  There are actually…

New Jersey Extends Retirement Income Exclusion

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The State of New Jersey, recently reduced many retirees’ income taxes by extending a limited pension and retirement income exclusion to taxpayers with gross income exceeding $100,000 but not more than $150,000. New Jersey does not tax Social Security benefits or military pensions.  Since 2000, New Jersey has provided taxpayers…

Tax Advisors May Now Sue IRS

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In CIC Services LLC v. Internal Revenue Service decided in May 2021, the United States Supreme Court held the Anti-Injunction Act (AIA), section 7421(a) of the Internal Revenue Code (Code), does not preclude a pre-enforcement challenge to an IRS notice enforced through civil and criminal penalties. The AIA generally precludes…

Biden Administration Releases Fiscal Year 2022 Budget with a Revenue “Greenbook”

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On May 28, 2021, the U.S. Department of the Treasury released its “Greenbook,” which are explanations of the Biden Administration’s 2022 Revenue Proposals. This book provides additional information on proposals previously announced as American Families Plan and the Made in America Tax Plan.   Many of these proposals center on improving…

The repeal of step-up in basis and change in capital gains rates will adversely affect buy sell agreements

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On April 28, 2021, the White House released The American Families Plan (the “Act”), which included new details about the Biden administration’s proposed 2021 tax reform.  The tax changes are expected to be enacted this year but the effective date of the provisions are generally expected to be January 1,…

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