The Internal Revenue Service has announced inflation adjustments to exemptions and exclusions for estate, gift and generation-skipping transfer taxes for tax year 2024. Estate and Gift Tax Exemption: For gifts made in 2024 and for estates of decedents who die in 2024, the federal estate and gift tax exemption amount is $13,610,000. This reflects an […]
We are thrilled to announce that Tuthill & Hughes and our three partners have been recognized in the 2023 edition of Chambers High Net Worth. The annual guide identifies and ranks by region the leading lawyers and law firms with expertise in advising high net worth individuals and families. For the eighth year in a
Beginning January 1, 2024, the Corporate Transparency Act (the “Act”) will require certain corporations, limited liability companies, and partnerships that are registered to do business in the United States to report information about “beneficial owners” to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The purpose of the Act is to enable the U.S.
The Internal Revenue Service has announced inflation adjustments to exemptions and exclusions for estate, gift and generation-skipping transfer taxes for tax year 2023. For gifts made in 2023 and for estates of decedents who die in 2023, the estate tax, gift tax and generation-skipping transfer tax exemption amount is $12,920,000 (or $25,840,000 for a married
The Internal Revenue Service has issued exemption and exclusion inflation adjustments for tax year 2022. For estate, gift and generation-skipping transfer taxes, adjusted exemptions and exclusions are as follows: For gifts made in 2022 and for estates of decedents who die during 2022, the new estate tax, gift tax and generation-skipping transfer tax exemption amount
ALERT March 27, 2020: The IRS has announced in Notice 2020-20 dated March 27, 2020 that the deadlines for filing all 2019 federal gift tax returns and for paying taxes due under those returns has been extended to July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will
Treasury and the IRS announced recently that the filing deadline for 2019 income tax returns is extended for individual taxpayers until July 15, 2020. THIS FILING RELIEF DOES NOT APPLY TO 2019 GIFT TAX RETURNS, WHICH ARE STILL DUE ON APRIL 15, 2020. Any filing extension for 2019 gift tax returns must be requested by