The annual tax filing season opened on Monday this week, and we are delighted to summarize some important changes to the 2022 US tax year when compared to prior years. The most notable changes are: The first page of Form 1040 will look significantly different for the 2022 US tax year than prior years. There […]

UPDATE: On March 27, 2020, IRS and Treasury Department announced an extension for filing the Federal Gift (and generation-skipping transfer) Tax returns as well as any tax due on April 15, 2020 to July 15, 2020. As with the previously announced extension for Income Tax, any associated interest and penalties for late payment or late filing […]

Please refer to our updated post, COVID-19 IRS update: US tax filing deadline extension.  Please note: This post has been updated as of March 19. The Treasury Secretary Steven Mnuchin said in a press conference on March 17, 2020 that most Americans can get a three-month extension on this year’s April 15 US tax payment deadline to […]

The Tax Cuts and Jobs Act provides US persons certain beneficial estate planning opportunities. Below are a few highlights of the Act that impact estate planning. Estate Tax For any US individual dying after December 31, 2017, the Act increases the federal estate tax exemption amount to $11.18 million (from $5.49 million in 2017). The […]

Do you have an IRA (Individual Retirement Accounts) in the United States? If you do and you are approaching age 70, you are on the threshold of commencing required minimum distributions or you will face substantial penalties. The following article explains these rules. Traditional IRAs (Individual Retirement Accounts) If you own a Traditional IRA you […]