Insights

IRS Releases Annual Inflation Adjustments for Tax Year 2025

The Internal Revenue Service (IRS) has released annual inflation adjustments for 2025. They include increased gift, estate, and generation-skipping transfer (GST) tax exemptions and annual gift tax exclusions, and new income tax brackets.

Donors Take Care: How to Avoid Charitable Giving Scams

The Federal Trade Commission and the attorneys general of 10 states filed a lawsuit in federal court against Cancer Recovery Foundation International (aka Women’s Cancer Fund or the “Fund”), and its president, Gregory Anderson, alleging that they raised $18 million over a five-year period from donors who wanted to help cancer patients, but that only 1% of the money went to help the patients.

Corporate Transparency Act:
LLCs and Other Entities Required to Report Ownership and Control Information to the Federal Government, Deadlines Vary

The new federal disclosure requirements under the Corporate Transparency Act (“CTA”) will come into effect on January 1, 2024, although only certain entities (those formed in 2024) will need to report next year.  For entities formed before 2024, the deadline for reporting will be later, on January 1, 2025.

IRS Releases Annual Inflation Adjustments for Tax Year 2024

The Internal Revenue Service recently released annual inflation adjustments for 2024. They include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.

Massachusetts Tax Relief Bill Signed Into Law

On October 4, 2023, Governor Maura Healey signed into law “An Act to improve the Commonwealth’s competitiveness, affordability, and equity.”  The Act makes key tax changes to the Massachusetts estate tax and short-term capital gains, and closes the "millionaires tax" loophole for married couples, in addition to other provisions.

Corporate Transparency Act:  LLCs and Other Entities Required to Report Ownership and Control Information to the Federal Government

On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA”) to combat the use of corporate structures in money laundering and other financial crimes. Under the CTA, ownership interests in LLCs, corporations and other similar entities may need to be reported to the federal government. Fortunately, these reporting requirements will take effect on January 1, 2024, so there is time to prepare.

IRS Releases Annual Inflation Adjustments for Tax Year 2023

Choate's Wealth Management Group have outlined the recently released IRS annual inflation adjustments for 2023, which include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.

Estate Planning Opportunities in Current Markets

Choate's Wealth Management Group have outlined three useful estate planning techniques in response to rising inflation and fears of a near-term recession.

Legislative Update: Planning for Build Back Better

On November 19, the House passed a version of the Build Back Better Act that, if signed into law, would make several important changes to the tax code.