For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.
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The federal estate top tax rate is 40%. The Federal estate tax exemption is $13,990,000 for 2025 and will be $15,000,000 for 2026. The exemption for 2024 was $13,610,000. The annual gift exclusion is $19,000 in 2025 and $18,000 in 2024.
The NYS estate basic exclusion amount is $7,160,00 for deaths in 2025 and $6,940,000 for deaths in 2024. The top tax rate is 16%.
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Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
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2025, 2024, and 2023 Pension Plan Limitations & Social Security Wage Base
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We were notified by the Peer Review Committee Reporting Acceptance Body that our most recent triennial peer review report with a pass rating was accepted. A "pass" rating is the highest form of rating a CPA firm can receive.
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President Signs Omnibus Bill; Including Secure 2.0 Act of 2022
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President Signs Scaled Back Reconciliation Bill Into Law
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of
2022 into law. The bill was passed by Congress after a 220-207 vote in the House
on August 12, 2022.
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021
into law.
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