Most agree that the only certainties in life are death and taxes. The surprise for many lies in the rate that is imposed, and for others the broad application of the tax.
The basic exclusion amount is currently $13,610,000, which is a historic high and extremely favorable for taxpayers. The temporary increase of the amount, however, is in its autumn season due to a sunset provision.
August is back to school for many, and supply lists include pencils and erasers. For tax planning, I.R.C. ยง 1014 is an eraser of built in gain for property acquired from a decedent.
Many entities are now required to file BOI reports with information about their owners. The due date of January 1, 2025, is quickly approaching. Broad language may lead to surprise results.
Many entities are now required to file BOI reports with information about their owners. The due date was January 1, 2025. Broad language may lead to surprise results.
