Estate and Gift Tax Changes for 2023

The IRS has announced that estate and gift tax exemptions will change in 2023 Estates of decedents who die during 2023 have a basic exclusion amount of $12,920,000, up from $12,060,000 for estates of decedents who died in 2022. The annual exclusion for gifts increases to $17,000 for calendar year 2023, up from $16,000 for […]

Gift and GST Tax Returns and Payments Postponed to July 15

The IRS has postponed the filing date for 2019 gift and generation-skipping transfer tax returns, and making payments of those taxes, until July 15, 2020. From Notice 2020-20 (internal citations omitted): The Secretary of the Treasury has determined that any person with a Federal gift tax or generation-skipping transfer tax payment due or the requirement […]

IRS Outlines New Tax Law Effect On Tax Exempt Organizations

IRS outlines new tax law effect on tax exempt organizations WASHINGTON – The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on Dec. 20, 2019, includes several provisions that may apply to tax-exempt organizations’ current and previous […]

Treasury, IRS: Making large gifts now won’t harm estates after 2025

WASHINGTON – Today the IRS announced that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The Treasury Department and the IRS issued proposed regulations which implement changes […]

Here’s How the IRS Contacts Taxpayers

IRS Tax Tip 2018-111, July 19, 2018 Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate […]

Estate Tax Gift Changes in 2018

The IRS has announced that the estate, gift and generation-skipping transfer tax exemption for 2018 will be $11,180,000. The Tax Cuts and Job Act roughly doubled what the exemption was in 2017. However, the exact amount of the exemption was unknown until the IRS published Revenue Procedure 2018-18 which delineates 2018 inflation adjustments. The Tax […]

Zanesville Attorneys Assist with Federal Estate Tax Planning

Letting your heirs keep more of what you give The Ohio estate tax was repealed effective January 1, 2013, but many Ohioans must still contend with the federal estate tax. As of 2014, the estate tax rate is 40 percent on the wealth of an estate valued at more than $5.34 million. This may seem […]

Don’t Fall for Scam Calls and Emails Posing as IRS

Scams continue to use the IRS as a lure. These tax scams take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo or a fake website to try and steal money from taxpayers. Identity theft can also […]

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