The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off folks to transfer much more to their heirs tax free during life—or at death. One key gifting change is to the annual exclusion: you will be able to give anyone else (and as many people as you want) $17,000 in
Taxes
Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the new alternative minimum tax and its likely effect on corporate America, all in five minutes. This transcript has been edited for length and clarity. Joseph J. Thorndike: The Inflation Reduction Act (P.L. 117-169) was signed into law last month, and taxpayers are still
The IRS says that taxpayers in disaster areas have more to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. Under Notice 2022-36, penalties for late-filing certain tax returns, as well as penalties for not reporting certain required information on the Form 1065 or Form
Planning can help optimize annual RMDs depending on your goals and cash flow needs. Mandatory withdrawals from retirement accounts begin for most taxpayers at age 72. But retirees who don’t need the money often have questions. For example, what’s the best time of year to take required minimum distributions, how to reinvest it, or if
Share to Facebook Share to Twitter Share to Linkedin The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions and credits for 2023 and—no surprise—today’s four decade high inflation has translated into some big hikes. Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85%