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TOPICS / TAX

2021 inflation adjustments and tax tables issued

The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.

Final regs. eliminate estate and gift tax clawback

The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.

Great time for a GRAT

Grantor retained annuity trusts may be an optimal wealth-transfer vehicle for many.

Digital assets after death

Estate planning should account for a client’s digital assets, which often have significant financial or sentimental value.

Supreme Court holds North Carolina cannot tax trust

The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.

FROM THIS MONTH'S ISSUE

Building a better CPA firm: Stepping up service offerings

A key step in business model modernization is determining how to implement services that satisfy clients and employees.