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Gift Tax Archives - The SPSCPA Blog

 

Gift Tax

IRS Proposes New Regulations to Limit Discounts for Gifts Of Family Owned Entities

For the last few decades, one of the most popular methods for transferring assets to a next generation was the gifting or sale of partnership, LLC or closely held corporate interests, the valuation of which could take advantage of “discounts” due to “lack of marketability” and “lack of control”, and result in the transfer of assets at a significant discount for estate and Read More »

Year-End Charitable Gift Tips from the IRS

IRS Tips on Charitable Donations. Los Angeles CPA

The IRS has provided tips and reminders to individuals and businesses making year-end gifts to charity. They highlighted the rules for claiming deductions for charitable contributions of clothing and household items along with the guidelines for monetary donations. Clothing and Household Items The IRS reminded taxpayers that donors must get a written acknowledgment from the charity for all gifts of Read More »

Is it more taxing to give or to receive?

Gift or Estate Tax Sobul Primes and Schenkel CPA Los Angeles

Changes to gift and estate taxes Although it didn’t receive as much publicity as other parts of the American Taxpayer Relief Act of 2012 (ATRA), estate and gift taxes also got a makeover by our representatives. Congress permanently increased the maximum estate and gift tax rate to 40% for estates of decedents dying after 2012, with an exclusion of $5,000,000, Read More »

Newsflash – “Fiscal Cliff” Rapidly Approaching

Fiscal Cliff - Sobul, Primes & Schenkel CPA Los Angeles

Dear Clients and Friends, As you have no doubt heard discussed in the media, the “fiscal cliff” is rapidly approaching. Included in this “fiscal cliff” is the expiration of some very beneficial estate and gift tax exclusions and tax rates.  Until December 31, 2012, the amount you can currently transfer, either during life or at death, without incurring any  gift, Read More »