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gift tax

The new 2020 higher Estate and Gift tax threshold will allow married couples to pass on $720,000 more Tax Free

The federal estate and gift tax exemption is set to climb to $12.06 million per individual for deaths occurring in 2022, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. The gift tax annual exclusion amount will also rise starting 2022 to $16,000,up from $15,000 The IRS announced the new …

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Latest tax plan targets, the hunt for cash to fund social spending agenda!

Democrats have leaned into the wallets of the wealthy in their demand for cash to fund an outsized social spending agenda. The latest proposals could lead to higher taxes for working professionals and business owners who make good money but aren’t crazy rich – a stark contrast to his earlier focus on billionaires.   After …

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Crypto Taxes

The Internal Revenue Service (IRS) recently said it is in the process of mailing 10,000 educational letters to taxpayers it suspects owe government taxes on virtual currency transactions. The federal agency may well have based its recipient list on customer data it acquired from crypto currency exchange Coin base. Those who do not report their …

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Employer Retention Credit (ERC), most recent update

Employer Retention Credit (ERC): The employee retention credit (“ERC”) was introduced and enacted as part of the CARES Act to provide a refundable payroll credit for eligible employers, including nonprofit organizations, whose businesses have been negatively impacted by the pandemic. An employer qualifies for the ERC if it (1) fully or partially suspends its operations …

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Biden Tax Plan

There have been big changes in the tax law. However, such changes need to be enacted by Congress to become law and therefore any provisions discussed could be revised or eliminated. The Country should be taking steps towards simplifying the tax law for the individual but also for corporations. It’s time for tax reform in …

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What you need to know about Pre-Immigration tax planning (For Green Card Holders)

Tax Planning The United States of America is still the land of Dreams & Opportunities for many people and attracts immigrants from all over the world. The desired Green Card not only opens the door to career opportunities but also to new tax responsibilities. Pre-immigration tax planning, helps to avoid surprises and optimize the tax …

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