Planning Strategies and Techniques Available Through End of Year
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2025, 2024, and 2023 Pension Plan Limitations & Social Security Wage Base
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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. The exemption for 2024 is $13,610,000. The annual gift exclusion is $19,000 in 2025 and $18,000 in 2024.
The NYS estate basic exclusion amount is $6,940,000 for deaths in 2024. The top tax rate is 16%.
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The Corporate Transparency Act (CTA) created new reporting requirements for certain entities. Beginning in 2024, many small businesses are required to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. UPDATE: Enforcement of such was blocked on December 3, 2024 by Texas Federal Court. See related article posted.
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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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