Journal of Accountancy Archives

Exploring the Estate Tax

This is the first installment of a two-part article on the federal estate tax. Part 1 discusses the unified federal estate and gift tax rules, the exemption amount, the definition of a gross estate, gifts made within three yearof death, estate valuation, and portability. The second part, to appear in the November JofA, covers estate tax planning techniques, …read more

Trump’s Tax Reform Priorities Unveiled

The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and …read more

IRS Proposed Changes to Rules for Dependents

The IRS is proposing to change its position on when taxpayers may qualify as childless for purposes of the Sec. 32 earned income tax credit (REG-137604-07). The proposed regulations, issued on Thursday, would also make a variety of changes to the definition of “dependent” in the regulations to reflect various statutory changes that have been …read more