Preservation | Family Wealth Protection & Planning

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for October 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Wolters Kluwer and Bloomberg Tax have released projected 2023 figures for the gift tax annual exclusion amount as well as the estate and gift tax lifetime exemption amount. These figures were determined using formulas contained in the Internal Revenue Code. They are based on the increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the 12-month period that ended August 31, 2022.

Because of storms and flooding in the St. Louis area over the summer, the IRS recognized the city of St. Louis and Montgomery, St. Charles, and St. Louis counties in Missouri as a disaster area. As a result, taxpayers in the disaster area may qualify for tax relief including possible extensions for filings and payments until Nov. 15, 2022.