But a New Taxman Cometh

Notwithstanding the magnanimity of the Internal Revenue Service in the wake of the coronavirus pandemic and extreme winter storms in some states, reports have the Biden administration putting together a package of new tax increases – the first since 1993 – that’ll raise taxes on many individuals and businesses across the nation. Needless to say,…

Read More »

IRS Increases Retirement Limits for IRA & 401K Plans

In response to the coronavirus pandemic wreaking havoc on the US economy, the Internal Revenue Service (IRS) earlier this year implemented an easing of the rules governing Individual Retirement Accounts and various other (401k, 403, 403b, etc.) retirement plans. This week, the agency announced the inflation-adjusted figures and extended many of the enhanced contribution limits…

Read More »

Targeting Success

Newly announced presidential candidate Senator Elizabeth Warren (D-MA) has gotten much of the coverage on raising taxing of late with her plan to levy a 2% tax on assets over $50 million, but failed 2016 (and likely 2020) democratic Presidential candidate Senator Bernie Sanders (I-VT) is determined to penalize success as well. Staying in class…

Read More »

New Jersey Tax Change

And for the record, the new federal tax reform law, which doubles the exemption from the federal estate tax for the next 8 years, after which the higher threshold sunsets. But in New Jersey, outgoing Governor Chris Christie succeeded in eliminating the state tax on inheritances completely back when he signed a tax overhaul bill…

Read More »

Inside House Tax Reform

Speaking of the work of the CFA, they sent out a summary recently of the key provisions contained in the House Tax Reform proposal, The Tax Cut and Jobs Act. Currently being marked up in the House Ways & Means Committee, the legislation provides for a reduction in tax brackets from 7 to 4 with…

Read More »

Killing the Death Tax

Just a few months ago, the pendulum was swinging far in the other direction, but now it appears there is more interest in fighting if not completely eliminating the federal Estate Tax, or as it is often called, the Death Tax. Back in the summer, we advised you of some significant proposed changes in IRS…

Read More »

IRS Changes Hit at Hearing

A public hearing was held last week on the new IRS regulations governing Estate and Gift Tax Exemption, and small business owners and family-owned businesses were out in full force to oppose their proposed tax increases on family gifts. Recall that back in August, the Treasury Department released proposed regulations to dramatically curtail use of…

Read More »

IRS Hears from Franchising on Estate Tax Change

Today was the formal deadline for submission of comments on the proposed new Internal Revenue Service regulations curbing valuation discounts currently in place.  We hope many of you submitted comments as the proposed change can be devastating to your estate plans, but know that through the Coalition of Franchisee Associations, we’ve got the issue covered. …

Read More »