Saturday May 28, 2022
News
Bypass the Estate Tax
The American Taxpayer Relief Act of 2012 created permanent rules for federal estate planning. These principles are helpful in creating estate plans, since there now is reasonable certainty.
Estate Exemption – For the years 2018 through 2025, the applicable exclusion is in excess of $11 million, indexed for inflation. Thereafter, it will revert to $5 million per estate plus inflationary adjustments. This amount also applies to gifts and to generation skipping transfer taxes.
Estate Tax Rate – Those estates over the exclusion amount...MORE
IRS Highlights Improved Taxpayer Service
The House Ways and Means Subcommittee on Oversight held a hearing on May 18, 2022 to discuss ways for the IRS to improve the taxpayer experience. IRS Chief Taxpayer Experience Officer Kenneth Corbin stated, "I am a firm believer that taxpayer service remains the most significant IRS priority. The IRS has implemented many new and innovative strategies in an effort to improve our overall level of service and meet the challenges we face today, especially those posed by the pandemic, but we want to do more and will continue our efforts to improve both in the short and long-term."
Corbin acknowledged that the 2022 tax filing season was "complex and challenging" for taxpayers and their professional...MORE
Travel Discount Tips for Seniors
What are some of the best travel discounts available to seniors? My spouse and I are about to retire and are interested in traveling more but live on a tight budget.
There are hundreds of different...MORE
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