Death, Taxes and Politics: The Future of Tax Policy Ahead of the 2024 Election
2021 House Ways And Means Tax Proposals
Inside DC Podcast: FY2022 Budget Recap and the DC Council’s Fall Agenda
4 Key Takeaways | Mid-Year Tax Update
Inside DC: Highlights and Implications of the FY 2022 Budget
Adult-Use Marijuana Legalization in NYS – What You Need to Know
Maryland's Controversial Tax on Digital Advertising Explained
The Biden Tax Plan
Tax Planning Under a Biden Presidency
SO VERY HARD TO GO (NOT)! In Pursuit of Puerto Rican Tax Incentives
The Family Loan Shark
Videocast: 2020 – The year of digital taxation
Podcast: Credit Funds: The Benefits, Challenges and Applications of Treaty Fund Structures When Investing in Credit
Impact of Tax Reform on Charitable Giving
Lawyers on Tap: Tap Tips for Entity Formation and Taxation
Private equity investments
Episode 26: Talking Tax Reform and Executive Comp
Preserving Deferred Tax Assets in a Capital Raise
The 2010 Tax Relief Act and your estate plan
The recently enacted One Big Beautiful Bill Act (OBBBA) brings sweeping and permanent changes to the federal estate, gift and generation-skipping transfer (GST) tax landscape. Most notably, it significantly increases the...more
In this second installment of our multi-part series on the One Big Beautiful Bill Act (the “Act”), my colleague David Knutson and I discuss the changes made by the Act to the federal estate and gift tax regime....more
Federal Estate, GST and Gift Tax Rates The federal estate, gift and GST applicable exclusion amounts are as summarized below. In simple terms, these dollar figures represent the amount of wealth that each individual can...more
The IRS recently issued the 2025 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include: - Estates of decedents who die during 2025 will have...more
In 2018, as part of the “Trump tax cuts,” the federal estate, gift and generation-skipping transfer (GST) tax exemption was increased to $11,180,000, with annual increases for inflation. Today, the exemption stands at...more
The IRS has announced the official estate and gift exclusion amounts for 2024. For an estate of any decedent dying during calendar year 2024, the Federal applicable exemption will increase from $12.92 million to $13.61...more
The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more
We have certainly had our share of turbulent waters in the estate planning world from 2020-2022. With two significant elections, it is hard to remember a previous time with such substantial uncertainty about how tax planning...more
This chart is maintained for the McGuireWoods LLP Website and is updated regularly. Any comments on the chart or new developments that should be reflected on the chart may be sent to cfox@mcguirewoods.com. ...more
Estate and gift taxes are levied on transfers of property during lifetime and at death. The federal government and many state governments impose such taxes and adjust the amounts subject to tax annually for inflation (or...more
The current estate planning landscape is drastically different than it was at the beginning of this year. After an extended period of historically low rates of interest and inflation, this year the Federal Reserve began...more
This Estate Planning Update reviews the newly-released estate tax exemption and gifting adjustments for 2023, the extended deadline to make a portability election, and simple ways that business owners and professionals can...more
As we start the new year, this Federal Tax Update highlights estate planning-related federal tax information that may be helpful as you consider planning options for 2022. Because Congress could pass legislation that changes...more
The updated version of the Build Back Better Act released by the House Budget Committee on November 3, 2021, does not include any of the significant gift tax, estate tax, generation-skipping transfer tax or grantor trust...more
It was quite a week, wasn’t it?- Manchin- Senator Manchin continued to attract a lot of attention. To the dismay of his fellow Democrats, the West Virginian – who also chairs the Senate Energy and Natural Resources...more
Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the “Legislation”) as part of Congress' ongoing $3.5 trillion budget reconciliation process. The Legislation includes significant tax...more
Let the taxpayer beware: the recently proposed “For the 99.5 Percent Act” introduced by Senators Bernie Sanders and Sheldon Whitehouse would radically limit the ability of parents or grandparents to make annual exclusion...more
In the United States Congress, there is an arduous journey before a bill becomes law. See the classic School House Rock! video, “I’m Just a Bill.” But there is a common theme running through some gift and estate tax bills...more
We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more
The past twelve months have demonstrated that a solid estate plan, which includes steps to protect your wealth, can help you feel better prepared and provide a sense of control during times of economic uncertainty. As we...more
This past November, we outlined selected tax law changes that President-elect Joe Biden has proposed, both in speaking engagements and on his campaign website, some or all of which could be enacted in 2021 or future years. ...more
With Biden as the projected President-Elect (subject to pending federal litigation and the Electoral College vote), tax planning for late 2020, 2021, and beyond is top of mind for many businesses and individuals....more
Democratic presidential nominee Joe Biden has provided limited information about his plans to modify the tax treatment of decedents and their estates. However, he has signaled that he supports raising estate taxes and...more
Major tax reform discussions are ongoing in Washington and Sacramento while everyone at home is busy navigating the pandemic. Many commentators are predicting that budgetary pressures resulting from the COVID-19 stimulus...more