Tax Planning

2020 Tax Updates

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2020 Tax Update

The IRS has recently announced many 2020 Tax Updates. The inflation adjustment announcement can be found in Revenue Procedure 2019-44. This includes increases to the federal estate and gift tax exemption limits and increases to the contribution limits to retirement plans. The 2020 Tax Update also increases the income threshold for a small business to […]

Federal Estate Tax

2016 Federal Estate Tax Exemption Amount

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2016 Federal Estate Tax Exemption Amount

The IRS recently released Revenue Procedure 2015-53, announcing the inflation adjustments to many tax provisions.  Of note, the unified credit against the federal estate tax for Calendar Year 2016 is $5,450,000.  This is up from $5,430,000 in 2015. The annual gift tax exclusion of $14,000 per person/per donee remains the same.  However, the annual gift […]

Estate Tax

Change in New York Estate Tax Law

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New York Estate Tax Law

Effective April 1, 2014, the State of New York made numerous changes to its tax law.  Most dramatically, New York is increasing its estate tax exemption amount from $1,000,000 to match the federal estate tax exemption amount. New York’s New Estate Tax Exemption Amount Until March 31, 2015, the new estate tax amount will be […]