Under the Tax Cuts and Jobs Act, the exclusion amount for taxable estates has doubled to $10 million indexed for inflation for 2018 through 2025. With this high exclusion amount, it is anticipated that few estates will be subject to the Federal estate tax. Perhaps it’s time to shift your thinking from the traditional approach of reducing the amount of a taxable estate to building basis.
Many changes under the Tax Cuts & Jobs Act are widely known. However, one change within the Act that presents a way to reduce or eliminate capital gain income often goes unnoticed – Opportunity Zones.
Do you use a payroll service to process your company’s payroll? Do you rely on an application service provider to perform certain processes? Do you expect a bank or investment broker to keep your company’s financial information secure? Does your business rely on another company (service organization) to handle confidential client information (social security numbers, dates of birth, bank account information, pay rates, etc.)? If so, how do you know that they are taking the necessary steps/precautions to make sure that they are keeping that information safe?
More and more clarifications are rolling out from the Tax Cuts & Jobs Act.
A recent update from the IRS issued guidance on the Paid Family and Medical Leave Tax Credit. Businesses that provide benefits such as paid family or medical leave to low income earning employees may be eligible for a credit of up to 25 percent of wages paid for each hour of family or medical leave taken.
Earlier today, Senators Elizabeth Warren (D-MA) and Cory Garnder (R-CO) announced their bipartisan bill* titled Strengthening the Tenth Amendment by Entrusting States Act (STATES Act). The following is a preliminary summary of the abstract from the senators' press release and our interpretations of what's to come in the cannabis industry in response to this bill.