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 […]
Read MoreIRS 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 […]
Read MoreThe 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 […]
Read MoreLetting your heirs keep more of what you give The Ohio estate tax was repealed effective January 1, 2013, but many Ohioans must still contend with the federal estate tax.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 […]
Read MoreScams 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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