The IRS has issued Revenue Procedure 2022-38, which sets forth inflation-adjusted items for various provisions of the Internal Revenue Code which will be applicable in 2023. Here are some of the highlights:
Income Tax Adjustments. Below is the tax table applicable to married individuals filing joint returns (and “Surviving Spouses”), for tax years beginning after December 31, 2022:
| If Taxable Income Is | The Tax Is |
| Not over $22,000 | 10% of the taxable income |
| Over $22,000 but not over $89,450 | $2,200 plus 12% of the excess over $22,000 |
| Over $89,450 but not over $190,750 | $10,294 plus ... |
The Consumer Price Index was released by the Labor Department in August 2017. Not everyone anxiously awaits the release of these numbers but the experts have now made estimates of how they will impact estate, gift, and generation-skipping transfer taxes for 2018. These are not official numbers - the Internal Revenue Service will publish the official numbers later this year.
Transfer Tax Free Money - The cumulative amount you can pass tax-free (by gift or at death) is projected to increase to $5,600,000.00 per U.S. citizen (from $5,490,000.00 in 2017). In 2018 and beyond, a couple (U.S ...
Most people remember the late Leona Helmsley as the convicted tax felon famous for uttering the words "only little people pay taxes", but she is also remembered for having a will that left a $12 million trust fund for her Maltese dog, Trouble. While that is extreme, we all know the strong bond between pet and owner - such that many people refer to a pet as their child. While legally pets are considered property, to their owners, pets may be best friends and family -- and in some cases, a pet may be a person's only friend or family member. Therefore, when a person considers his or her estate ...
Family limited partnerships have long been a valuable tool of the estate planner. Although historically recognized as providing estate tax planning benefits through the discounted value of assets, these limited partnerships can also implement succession planning goals for the closely-held or family-run business, including the transition of management/leadership for the business.
Limited partnerships provide three key benefits to the business owner:
- a limited partnership is not subject to income tax - it is a "flow-through" entity for income tax purposes;
- in organizing the ...