Bernie Sanders’s Plan to “Progress” the Federal Estate Tax – Neil Yahn

An Estate Tax Exemption of $3.5M opens the door for critical planning and use of SLATS!  https://www.accountingtoday.com/articles/sanders-proposes-estate-tax-of-up-to-77-for-billionaires While the 2017 tax reform legislation doubled the Federal Estate and Gift Tax Exemption to $11.18M per individual, or $22.36M per couple, for 2018-2025, however Bernie Sanders is now proposing the per-person exemption revert to $3.5 [...]

2019-02-01T11:25:19-04:00February 1st, 2019|Uncategorized|

Clawback Example

Prop. Regs. 20.2010-1(c); Reg-106706-1 If a client gifts $11.4M in 2019 and dies in 2026 when the exemption is back to $5M. The $11.4M is an adjusted taxable gift in the estate tax calculation so do you owe estate tax on the additional $5M. IRS held that taxpayers will not have this problem. [...]

2019-01-17T15:31:31-04:00January 17th, 2019|Uncategorized|

No Clawback – Easing Angst Among Tax Practitioners and Estate Tax Exemption of $11,400,000 in 2019 – Neil Yahn

I lectured for the PICPA on Friday 12/7/2018 and critical to that discussion was the current exemption of $11,400,000 in 2019 and the fear of claw-back.   Thus, depending upon where the Federal Estate Tax Exemption will go, dictates the level of complex estate and income tax planning you should consider while the exemption is [...]

2018-12-22T14:16:26-04:00December 22nd, 2018|Uncategorized|

Pennsylvania Inheritance Tax Summary – Neil Yahn

Pennsylvania Inheritance Tax Rates: –0% to surviving spouse –4.5% to lineal heirs –12% to siblings –15% everyone else –No tax on charities This above summary is provided for informational purposes only and does not constitute legal advice. Before taking any action related to the issues addressed above, you should consult with an attorney of [...]

2018-12-22T14:16:54-04:00October 28th, 2018|Uncategorized|

Annual Exclusion Gifts in 2018

TAX ALERT Gift tax exclusion amounts – present interests 2017  $14,000 per person 2018  $15,000 per person Deceased spousal unused exclusion (DSUE)  Used first against surviving spouse’s lifetime gifts This Alert is provided for informational purposes only and does not constitute legal advice. Before taking any action related to the issues addressed above, you should [...]

2018-10-23T15:57:02-04:00October 23rd, 2018|Uncategorized|

Federal Estate Tax in 2018

Practice Alert: https://www.picpa.org/attend-cpe-events/conferences/picpa-conference-on-pennsylvania-taxes/conference-on-pennsylvania-taxes-speakers Neil Yahn to speak on Federal Estate Taxes in 2018 40% tax Date of death value Basic exclusion amount 2017  $  5,490,000 2018  $11,180,000 and use of the Deceased Spouse's Unused Exemption (DSUE) 2026  $  5,000,000** as adjusted for inflation Marital deduction Charitable deduction This Alert is provided for informational purposes only and [...]

2018-10-23T15:53:21-04:00July 17th, 2018|Uncategorized|

Appointment Of Substitute Arbitrator Under Federal Arbitration Act

ALERT THIRD CIRCUIT REQUIRES APPOINTMENT OF SUBSTITUTE ARBITRATOR UNDER FEDERAL ARBITRATION ACT January, 2012 Matthew Chabal III, Esq. James Smith Dietterick & Connelly, LLP P.O. Box 650, Hershey, PA 17033 717.533.3280 mc@jsdc.com On January 20, 2012, in Khan v. Dell Inc., the United States Circuit Court for the Third Circuit ruled that Section 5 of [...]

2018-10-16T20:48:25-04:00January 27th, 2012|Uncategorized|

Commonwealth Court Says Truck Driver Is Workman Under Pennsylvania Prevailing Wage Act

TRUCK DRIVERS HAULING MATERIALS TO AREAS WITHIN AND CLOSE TO THE JOB SITE MAY BE ENTITLED TO THE PREVAILING WAGE UNDER THE PENNSYLVANIA PREVAILING WAGE ACT COMMONWEALTH COURT CONCLUDES THAT A TRUCK DRIVER FELL UNDER THE DEFINITION OF “WORKMAN” UNDER 43 P.S. § 165-2(7) BECAUSE HE PERFORMED WORK “DIRECTLY UPON THE PUBLIC WORK PROJECT” October, [...]

2018-10-16T21:14:09-04:00October 31st, 2011|Uncategorized|