Tax Law News and Insights

There is increasing uncertainty about the future of U.S. estate tax. On the one hand, under U.S. legislation that temporarily halved the lifetime exemption amount passed during the Trump administration, the lifetime exclusion amount is set to decrease on January 1, 2026, to $5M (USD) adjusted for inflation since 2011,...

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On February 21, the IRS announced a new campaign to increase audits of private jet usage by high-income taxpayers, large corporations, and large partnerships to ensure that business deductions for such usage have been properly made. The announcement is consistent with an ongoing IRS publicity campaign urging increased scrutiny of...

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Q:  If my children inherit my home, will they need to pay income tax? A:  Inheritance is generally not subject to state or federal income tax. However, the growth in value of inherited assets may be subject to state and federal income tax. Understanding what the cost basis is in the inherited...

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