Archives for Industry News

Nancy Van Lanen, CTFA, EA Estate & Trust Partner   The new One Big Beautiful Bill Act has rewritten some of the most important estate and trust tax rules. We’ve highlighted the updates that matter most for high-net-worth individuals and anyone focused on smart estate planning. Effective Start: January 1, 2026 (unless otherwise noted) Estate, Gift & GST Tax Exemptions Permanently Raised Starting in 2026, the federal estate and gift tax exemption increases permanently to $15 million per person ($30 million per married couple) and will be annually indexed for inflation. The Generation-Skipping Transfer (GST) exemption also increases to $15
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Effective Starting: January 1, 2026 (unless otherwise noted) President Trump signed the much-anticipated One Big Beautiful Bill Act (OBBBA) into law—a sweeping tax reform package aimed at simplifying the tax code, supporting American families, and encouraging investment. This legislation brings several key changes to individual income taxes, with adjustments that impact everyone from working professionals to retirees and high-net-worth households. Below is a breakdown of the major individual tax changes included in the bill: Standard Deduction Increased The standard deduction has been significantly increased, making it more beneficial for most taxpayers to skip itemizing for tax years beginning in 2024:
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Thomas S. Kim, CPA Tax Partner   If you’re thinking about selling your second home or vacation property, you may have heard that moving in for two years can help you avoid paying taxes on the gain under the Section 121 exclusion. While that strategy used to be effective, a lesser-known rule added in 2009 could significantly reduce the tax benefit you’re expecting – unless you plan ahead. Here’s what you need to know before putting up the “For Sale” sign. The Traditional Benefit: The Section 121 Exclusion Under IRC §121, a taxpayer can exclude up to $250,000 of capital
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Jinhee Park, CPA Tax Manager   Charitable giving can make a real difference for your favorite causes—and for your tax bill. Here’s what you need to know about the latest rules, including how to maximize your deduction and what records you’ll need for different types of gifts. Key Deduction Limits for 2025 Cash donations: Deduct up to 60% of your adjusted gross income (AGI) for gifts to public charities. Appreciated assets (like stocks): Deduct up to 30% of your AGI. Standard deduction: $15,000 for single filers and $30,000 for married couples; you must itemize to deduct charitable gifts. Donating Appreciated
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Thomas S. Kim, CPA Tax Partner   When most people think about owning rental property, they focus on the extra monthly cash flow. But there’s another side to rental real estate that’s just as valuable: the potential tax savings that come from rental losses. With the right strategy, certain types of rental losses — often created by depreciation and other deductions — can help reduce your ordinary taxable income, such as W-2 wages or income from a business. However, not all rental losses automatically offset other types of income. The rules depend on how the rental activity is classified for
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Richard Huffman, CPA, MST Tax Partner   After extensive negotiations Congress has passed and the President has signed into law the ‘One Big Beautiful Bill’ – one of the most comprehensive tax and financial reform packages in recent years.  The legislation includes a broad range of provisions affecting business owners and high-net-worth individuals that should be taken into consideration for future tax planning. Here are the key provisions of the final version that we believe are most important to business owners and high-net-worth individuals as follows: Business Owners: Bonus Depreciation Permanently extends the 100% first-year (bonus) depreciation deduction for qualifying
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The One Big Beautiful Bill Act is a sweeping 400-page tax and budget reconciliation proposal. The House passed its version on May 22, 2025, and the Senate Finance Committee released its version on June 16, 2025. Both versions seek to permanently extend or modify expiring provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, while eliminating many green energy credits from the Inflation Reduction Act. Below is a structured comparison of the House and Senate versions:   Comparison Chart: House vs. Senate Versions   Provision   House Version Senate Version Standard Deduction   Permanent extension + temporary increases
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Vrinda Jagad International Tax Manager   BEA Benchmark Survey Requirement for US Direct Investment Abroad The Bureau of Economic Analysis (BEA), US Department of Commerce, conducts a BE-10 benchmark survey of US Direct Investment Abroad every five years. This survey is used by the Department of Commerce to gather foreign investment information and produce statistics. Who is required to file this survey? Any US person that directly or indirectly owns or controls at least 10% of any foreign incorporated or unincorporated business enterprise at end of the US person’s 2024 fiscal year. US person includes individuals, entities, trusts and estates
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Greg Lambourne, Esq Senior Planning Consultant Nancy Van Lanen, CTFA, EA Estate & Trust Tax Partner   Updated with 2025 exemption and exclusion amounts.   Every taxpayer in the United States is subject to certain transfer taxes for gifting away wealth during their life or at their death. However, each taxpayer is granted a “lifetime exemption amount” so they can make limited tax-free gifts. The 2017 Tax Cuts and Jobs Act increased this lifetime exemption amount to an unprecedented $13.99 million for 2025, but this large exemption amount will expire and be reduced by half at the end of 2025.
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