Instructor Profile

Estate Taxes are one of the taxes covered by the IRS’s unified transfer tax system. These are designed to collect taxes from transferring property at death. On the other hand, a gift tax is a federal tax paid by an individual who transfers something of value to another individual without receiving something of similar value in return.

The IRS also announced the annual inflation adjustment for the federal gift, estate, and generation-skipping transfer (GST) tax exemption, which increases the amount sheltered from taxes from $11,700,000 for 2021 to $12,060,000 as of January 1, 2022.

Under current rules, few taxpayers are subject to estate and gift taxes given the doubling of the Unified Tax Credit (UTC) by the Tax Cuts and Jobs Act of 2017. But the UTC is due to return to the pre-2017 figures adjusted for inflation in 2026. In addition, there is sentiment by the president and Congress to reduce the UTC even further. Hence, tax planning before 2026 may be something to consider at this time.

This Tax webinar highlights the federal tax issues associated with Estate, Gift, and Generation-Skipping Transfer Taxes.

Every year, about 40% of American adults visit at least one of the casinos that are located in Las Vegas, Nevada, in Atlantic City, New Jersey, or in one of the dozens of places in between, not to mention on the web. A lucky few takes home a lot of money. 

Gambling winnings are fully taxable, and the Internal Revenue Service (IRS) has ways of ensuring that it gets its share. Under current rules, gambling not only includes casino winnings, horse racing, and lotteries but also fantasy sports and online betting. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ.

This webinar on Taxes highlights the tax reporting issues associated with gambling income, gifts received and given, and awards received. It will also discuss the reporting of gifts by an individual or by a couple and when a gift is excluded from federal taxation.

The SECURE 2.0 Act is now law. President Biden signed the SECURE 2.0 Act of 2022 into law as part of the wider government financing omnibus measure on December 29, 2022. This legislation expands on the original SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement). , which President Trump signed into law in late 2019

The legislation provides a slate of changes for both small business owners and individuals that could help strengthen the retirement system—and Americans' financial readiness for retirement. 

This session highlights the tax and non-tax provisions of the SECURE 2.0 Act of 2022. Although many of the provisions are not effective until after December 31, 2023, planning is necessary to address these tax provisions. For example, the new law expands the autoenrollment rules, and coverage requirements of part-time workers, the introduction of new exceptions to the 10% early distribution rules, and distribution rules unexpected needs to name a few. Thus, clients are going to hear a lot about the new legislation from the media and are going to expect you to be up on the issues.