Sitting on $11 million? Give it away to save on estate taxes

  If the holiday spirit is encouraging you to gift millions of dollars to family members, it’s time to start sharing the wealth. The Tax Cuts and Jobs Act increased the gift and estate tax exemption — also known as the basic exclusion amount — to $11.18 million per person in 2018, which is more than double the amount under the old law. That means any individual can transfer up to $11.18 million, either as gifts during their lifetime or … Continued

New Tool Provides More Information About Exempt Organizations

The IRS launched a new tool on IRS.gov that gives taxpayers fast and easy access to information about exempt organizations. The new Tax Exempt Organization Search replaces the EO Select Check tool. Here are some things taxpayers will find when they use the new TEOS tool: Images of an organization’s forms 990, 990-EZ, 990-PF and 990-T filed with the IRS. Initially, only 990 series forms filed in January and February 2018 will be available. New filings will be added monthly. … Continued

MAKING CENTS: Gifts – beware unintended consequences – News – Dover Post – Dover, DE

  Many taxpayers want to make gifts of assets to their children or grandchildren while they are alive. Seeing their hard work benefit someone they love is extremely gratifying for many. Unfortunately, most taxpayers are relatively unsophisticated in both income and estate tax laws, and the unintended consequences of gifts done improperly could cost your beneficiaries dearly. To make matters worse, do not assume your attorney is aware of these laws either. We have witnessed many gifts promulgated by a … Continued