The Bureau of Labor Statistics has published the Chained Consumer Price Index (C-CPI-U) for August 2024, and so it’s possible to calculate various inflation adjustments for 2025. The following are the significant federal estate planning numbers calculated for 2025, with … Continue reading
Tag Archives: Federal income tax
In Moore v. United States, 602 U.S. ___, No. 22-800 (6/20/2024), the U.S. Supreme Court upheld the constitutionality of the “mandatory repatriation tax” (MRT), which was enacted as part of the Tax Cuts and Jobs Act in 2017 and required … Continue reading
The Internal Revenue Service has released Rev. Proc. 2023-34, 2023-48 IRB ___ (11/24/2023), with inflation adjustments for 2023 and, consistent with earlier predictions (with two exceptions), the changes in the most significant federal estate and trust planning numbers will be as follows: The … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2023, it’s possible to calculate various inflation adjustments for 2024. The following are the significant federal estate planning numbers, with the numbers for 2023 shown in parentheses: The … Continue reading
In Rev. Rul. 2023-2, ___ I.R.B. ___, the Internal Revenue Service has held that assets held in an irrevocable trust that was a grantor trust do not receive a new basis under I.R.C. § 1014 on the death of the … Continue reading
The Internal Revenue Service has released Rev. Proc. 2022-38 with inflation adjustments for 2023 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The federal estate tax base applicable exclusion amount … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2022, it’s possible to calculate various inflation adjustments for 2023. The following are the significant federal estate planning numbers, with the numbers for 2022 shown in parentheses: The … Continue reading
The Internal Revenue Service has released Rev. Proc. 2021-45 with inflation adjustments for 2022 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The base applicable exclusion amount (and generation-skipping tax … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2021, it’s possible to calculate various inflation adjustments for 2022. The following are the significant federal estate planning numbers, with the numbers for 2021 shown in parentheses: The … Continue reading
In Information Release IR-2021-59 (3/17/2021), the Internal Revenue Service has announced that, due to the continuing COVID-19 pandemic, the filing date for individual income tax returns will be extended from April 15, 2021 to May 17, 2021. The postponement also … Continue reading