Preservation | Family Wealth Protection & Planning

On Monday, September 13, 2021, the House Ways and Means Committee released the text for proposed tax changes to be incorporated in a budget reconciliation bill called the Build Back Better Act (the “Act”). The 881-page text includes several significant changes to income and transfer taxes that could drastically change estate, gift and individual income tax planning if made into law.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for September 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for August 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for July 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for June 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

In Congress’ ongoing fight against fraud, corruption, terrorism financing and money laundering, lawmakers passed the Corporate Transparency Act (CTA) on January 1, 2021, as part of the 2021 National Defense Authorization Act. The CTA contains significant new federal reporting obligations and imposes heavy civil fines and criminal penalties for noncompliance. It may have an especially onerous impact on estate planning clients who accomplish their planning goals through the use of one or more business entities.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for April 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for March 2021. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions?  In most cases, you are stuck with the decisions you made before the new tax year began, even though you may not have all the relevant tax information available to assist with those decisions until several months into the new tax year.  Too bad for you, says the IRS, unless you are an estate or trust.