The numbers are in! What the 2023 IRS tax inflation adjustments mean for your estate
This week on October 18, 2022, the IRS announced IR-2022-182, which provides the tax inflation adjustments for the 2023 tax year. The federal government annually makes adjustments such as these to cushion taxpayers from the economically crippling effects of inflation. According to the most recent inflation update, the US annual inflation rate was 8.2% for […]
Farm Succession Planning: 3 Major Mistakes To Avoid
Farm succession planning, like planning for the succession of any business, is extremely important in the success of the farming operation continuing with the next generation. However, when considering the transfer of the family farm, here are three things to avoid: 1. Failing to Make A Plan Farmers may procrastinate in developing a succession plan […]
2022 Federal Tax Update: What You Need to Know
Important Tax Notice for Clients In September of 2021, Congress introduced a spending bill to fund President Biden’s Build Back Better Act. The plan, in its original form, proposed several robust changes to federal tax law, including reductions in the gift, estate, and generation-skipping transfer tax exemptions, changes in the tax treatment of grantor trusts […]
The SECURE Act and How it Impacts You
Effective January 1, 2020, The Setting Every Community Up for Retirement Enhancement (SECURE) Act has been one of the most significant changes to retirement security in over 13 years. It puts into place numerous provisions affecting employers and employees all across the county. With this Act comes with its share of issues, as certain provisions […]
