These numbers will be adjusted annually for inflation based on the chained consumer price index (C-CPI-U). For more on the Tax Cuts and Jobs Act, click here. Source: Joint Explanatory Statement of the Committee of Conference, p. 13 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS
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Tags: estate planning, income tax, irrevocable trusts, jdr, Tax Cuts and Jobs Act
The IRS has issued new guidance on recharacterization of Roth conversions, and it is good news for taxpayers who converted in 2017.
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Tags: estate planning, jdr, retirement assets, Tax Cuts and Jobs Act
Saturday, January 13th, 2018 | Tax | No Comments
Beginning January 1, 2018, Section 1031 like-kind exchange tax deferral will no longer apply to exchanges of tangible personal property. Under the Tax Cuts and Jobs Act, only real property will qualify for tax deferral in a like-kind exchange.
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Tags: 1031 exchanges, Tax Cuts and Jobs Act
Starting in 2018, 529 plans can be used to pay tuition expenses for elementary and secondary schools, thanks to the Tax Cuts and Jobs Act.
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Tags: 529 plans, estate planning, jdr, Tax Cuts and Jobs Act
Thursday, December 21st, 2017 | Tax | No Comments
Under the tax bill formerly known as the Tax Cuts and Jobs Act, the individual mandate has not been repealed, it has just been told to stand quietly in the corner in 2019.
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Tags: jdr, Tax Cuts and Jobs Act
Wednesday, December 20th, 2017 | Tax | No Comments
The tax bill formerly known as the Tax Cuts and Jobs Acts adds new Section 199A, the Qualified Business Deduction. Here is what you need to know.
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Tags: Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act includes three provisions related to charitable giving.
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Tags: 501(c)(3), charitable planning, estate planning, jdr, Tax Cuts and Jobs Act
Despite efforts by the House, the Tax Cuts and Jobs Act does NOT scale back the Johnson Amendment.
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Tags: 501(c)(3), jdr, non-profits, Tax Cuts and Jobs Act
If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily.
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Tags: estate planning, estate tax, gift tax, jdr, Tax Cuts and Jobs Act
Saturday, December 16th, 2017 | Tax | No Comments
Don’t bother.
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Tags: income tax, jdr, Tax Cuts and Jobs Act
The rules will change–and not for the better–in 2018, assuming the Tax Cuts and Job Act passes.
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Tags: estate planning, jdr, retirement assets, Tax Cuts and Jobs Act