Firm News

What is an estate tax and a gift tax and how are they different? The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer (GST) tax is an additional tax on a transfer of property that skips one or more generations.

President Biden offered various changes to the tax code in his 2024 fiscal year budget. Here is a listing of the most significant proposals that would affect businesses and individuals if enacted by Congress:

The legislative proposal approved by the Ways and Means Committee last week limits the application of the 75-percent exclusion and 100-percent exclusion rules (Section 1202) to taxpayers with adjusted gross income (“AGI”) of less than $400,000.

On Monday, September 13, the House Ways & Means Committee released a list of the tax proposals it plans to include in the legislative mark-up this week.