Under the Tax Cuts and Jobs Act (“Act”) that became effective January 1, 2018, a couple can now transfer $11,180,000 each for a total of $22,360,000 until December 31, 2025. Under the old law, if it was effective today, the same couple could have transferred up to $5,460,000 each or a total of $10,920,000 at […]
I have been reviewing 2016 income tax returns with my clients, who own various types of businesses and assets. This helps them when they meet with their accountants and CPAs for their 2017 income tax returns, to begin planning under the Tax Cuts and Jobs Act (“Act”). The key item that I look at is their […]
Because of the complexities of the Tax Cuts and Jobs Act (“Act”) that is effective January 1, 2018 many taxpayers will not be able to take the 20% pass-through business deduction in 2018 due to improper positioning, or failure to restructure in ways that can make the deduction available. One of the main reasons deals with the […]