In the wake of Hurricane Milton, the IRS expanded previously announced taxpayer relief for impacted taxpayers living in Florida. In IR-2024-264, the IRS amplified and expanded the relief granted in IR-2024-253 to individuals and businesses in Broward, Indian River, Martin, Miami-Dade, Palm Beach, and St. Lucie counties. The relief from…
Category: Tax Planning
The recent decision of the U.S. Supreme Court in Connelly v. United States, U.S., No. 23-146, 6/6/24, has thrown an enormous monkey wrench into traditional buy-sell planning for closely held businesses. The Court held that the proceeds of life insurance on a deceased shareholder must be included in determining the…
Comiter Singer is thrilled to announce that Christopher C. Weeg has become a partner in the firm. As a partner, Mr. Weeg’s practice will continue to focus on tax and estate planning. “Chris Weeg’s promotion to partner reflects our firm’s dedication to recognizing talent and expertise within our ranks,” said Michael S. Singer,…
Certain key provisions of the Internal Revenue Code affecting estate planning are indexed each year for inflation. The new year brings in the following increases and estate planning opportunities for 2024. The lifetime gift and estate tax exclusion amounts have been increased from $12,920,000 to $13,610,000. The GST exemption amount…
Transfer tax planning focuses on gift, estate, and generation-skipping transfer (“GST”) taxes, which are collectively referred to as “transfer taxes.” The base transfer tax exemption amount is $10,000,000 ($12,920,000 million for 2023, as indexed for inflation). Under current law, the base transfer tax exemption amount is set to reduce to…