Month: January 2018
New tax legislation, known as the Tax Cuts and Jobs Act (the “Act”), doubles the gift and estate tax exemption (the “exemption”), which is the amount that an individual may transfer free of tax either by gift during lifetime or at death. In 2017 the exemption was $5,490,000. The Act temporarily doubles the exemption to…
Read MoreThe legislation formerly known as the Tax Cuts and Jobs Act (the “Act”) adds section 199A to the Internal Revenue Code (the “Code”). The provision provides a new deduction that reduces the effective tax rate on qualified business income (“QBI”) for owners of businesses taxed as sole proprietorships, partnership, limited partnership, limited liability company, S…
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