2025 Federal Gift and Estate Tax Exemption announced

Several recently announced 2025 inflation adjustment numbers may affect affluent taxpayers. One is the federal gift and estate tax exemption. For 2025, the exemption will be $13.99 million, up from $13.61 million for 2024. What happens with the exemption after 2025 is uncertain. Without further legislation, it’s scheduled to return to an inflation-adjusted $5 million […]

Don’t forget about Sec. 179 depreciation options

Under Sec. 179, your business may be able to currently deduct eligible property placed into service during a tax year. This generally includes new and used machinery, equipment, off-the-shelf software, roofs, improvements to building interiors and HVAC, as well as fire, security and alarm systems. For 2024, you can expense a maximum of $1.22 million. […]

Happy Veterans Day

“The brave men, living and dead, who struggled here, have consecrated [this ground], far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here.” – President Abraham Lincoln, 1863, in the Gettysburg Address We Remember…… Thank […]

Take aways from National Cybersecurity Awareness Month

As National Cybersecurity Awareness Month (October) ended last month, the IRS and its Security Summit partners are sharing some best practices as a take away for the months best practices. Be careful about revealing too much personal information on social media. Be alert for unsolicited emails and social media messages that ask for tax information. […]

WOTC is a valuable employer tax credit

A valuable one-time federal tax credit is available through 2025 to employers looking to hire new workers. The Work Opportunity Tax Credit (WOTC) encourages employers to hire from certain groups that face employment barriers. Targeted groups include veterans, qualified recipients of specific aid programs, ex-felons, qualified long-term unemployment recipients and certain summer youth employees. Employers […]

Tax-Exempt organizations get AMT filing relief for 2023

Good news for tax-exempt organizations: You don’t have to file Form 4626 for tax year 2023. This form is used to report liability for the corporate Alternative Minimum Tax (AMT), created by the Inflation Reduction Act. There has been some ambiguity about whether tax-exempt organizations can be considered corporations subject to the corporate AMT. Regulations […]

IRS issues proposed regulations for Energy Efficient Home Improvement Credit

The IRS has issued proposed regulations for the Energy Efficient Home Improvement Credit, which became effective in 2023. Homeowners who place qualified property into service can claim a federal tax credit equal to 30% of the amount they paid for qualified products or for a home energy audit. However, the maximum credit amount is $3,200. […]

Guidance Issued for the Advanced Manufacturing Production Credit

The IRS has issued final regulations to provide guidance for the Advanced Manufacturing Production Credit created by the Inflation Reduction Act (IRA). The tax credit is for producing and selling statutorily specified eligible components to unrelated persons. Such eligible components include solar and wind energy components, inverters, qualifying battery components and 50 applicable critical minerals. […]

Due dates for disaster extension recipients

Taxpayers who’ve received disaster extensions to file their 2023 tax year returns have varying deadlines based on their locations. For example, taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina, as well as those in parts of Tennessee and Virginia, have until May 1, 2025, to file 2023 returns. For […]

Should I give a gift?

As the year winds down, you may want to combine smart estate tax planning with tax savings using the annual gift tax exclusion. You can give cash or property (up to a specified value) to an unlimited number of family members or friends each year without gift tax implications. That specified amount is subject to […]