by Andy Strauss BREAKING NEWS—IMPORTANT IRA LEGISLATION A new bill called the Setting Every Community Up for Retirement Enhancement Act, otherwise known as the SECURE Act has passed the Congress and was signed by President Trump on December 20, 2019.  The SECURE Act goes into effect January 1st, 2020. The SECURE Act makes a number of changes to…

by Andrew A. Strauss The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year:   2017 2018 2019 Gift and Estate Tax Exclusion $5,490,000 $11,180,000 $11,400,000 GST Tax Exemption $5,490,000 $11,180,000 $11,400,000 Gift Tax Annual Exclusion $14,000 $15,000 $15,000 Annual Exclusion for Gifts to Noncitizen Spouse $149,000 $152,000 $155,000 Federal…

by Andy Strauss The Tax Cuts and Jobs Act which became effective on January 1, 2018, affects almost every area of income tax law, including charitable giving. An individual’s cost to donate money to charity has traditionally been reduced by the tax benefits afforded charitable deductions under state and federal income tax law. Forbes magazine…

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