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And Just Like That: No Estate Tax Changes for 2021 (But 2022?)
The much discussed proposed changes to federal gift and estate taxes has not materialized for 2021. Instead as the law now exists there are more planning opportunities available for 2000. For 2022 the annual gift tax exclusion amount (the amount you can gift to a person without having to utilize the unified credit) will rise…
Read moreBuild Back Better ACT Tax Proposals: What You Need To Know
The proposed tax provisions released by the House Ways and Means Committee on September 13, include several substantial changes that would affect personal income tax and business tax planning. In addition to the reduction in the estate and gift tax exemption, and elimination of valuation discounts for interests in passive entities (as discussed in a…
Read moreImportant Changes to New York’s School Tax Relief (STAR) Program
New York State has a school tax relief (STAR) program available to New Yorkers who own their home as their primary residence and earn less than $500,000 per year. Previously, this relief was in the form of a partial exemption on the school tax bill. New York started issuing STAR checks instead of partial tax…
Read moreIan S. Ludd Joins Mackenzie Hughes LLP Business Department
SYRACUSE, N.Y. – Ian Ludd has recently joined the business department of Mackenzie Hughes LLP after graduating cum laude with both a Juris Doctor degree from the Syracuse University College of Law and a Master of Public Administration degree from the Maxwell School of Citizenship and Public Affairs. During Law School Ian was a member…
Read moreNew Tax Bill Drastically Changes Treatment Of Alimony
For the last seventy-five years, a spouse paying alimony (also known as “maintenance” or “spousal support” in New York and many other jurisdictions) has been able to deduct the alimony award from his or her tax return each year. Likewise, the spouse receiving the maintenance has the obligation to include the total amount of alimony…
Read moreEstate and Gift Law Changes under the 2017 Tax Cuts and Jobs Act
The new legislation signed into law on December 22, 2017 has significant estate planning changes. The federal estate, gift and generation skipping tax exemption amount is now doubled to $11.2 million per person. This exemption is portable between spouses. The new legislation also increased the annual gift exclusion amount from $14,000 to $15,000 as of…
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