Publications
Treasury’s 2024-2025 Priority Guidance Plan
The 2024-2025 Priority Guidance Plan signals an aligning tax policy with economic, social, and environmental priorities. It seeks to streamline tax administration, promote taxpayer compliance, and adapt tax regulations to evolving economic landscapes. By integrating public feedback and addressing emerging challenges, the Treasury and IRS aim to create a more responsive, resilient, and inclusive tax system.
Facing Estate Tax Challenges For Business Owners, Artists, And Gallery Owners
As 2024 progresses, the sunsetting of key tax provisions presents unique challenges for business owners, artists, art dealers, and gallery owners alike. With the estate tax exemption set to decrease and potential changes looming in capital gains and valuation practices, it is crucial to review and adapt estate and tax plans to avoid pitfalls.
Kamala Harris Endorses American Housing and Economic Mobility Act Tax Proposals
In a significant development, the Kamela Harris presidential campaign has announced its endorsement of the estate tax reforms outlined in the American Housing and Economic Mobility Act of 2024. This support from the Harris campaign is expected to galvanize broader Democratic backing for the bill, potentially enhancing its chances of passage. By aligning with these tax proposals, the Harris campaign is positioning itself as a champion of economic justice and housing affordability—key issues in the upcoming election.
Contrasting Tax Overhauls: Project 2025 Vs. Democratic Reform
As the 2024 elections approach, tax reform is once again a hot topic. Project 2025, spearheaded by the Heritage Foundation, offers a sweeping overhaul of the U.S. tax system and various federal policies. This ambitious plan, designed to be implemented by a future Republican administration, includes significant changes to tax laws and administration. On the other side of the political spectrum, Democrats and other left-leaning groups have also put forth their own tax reform proposals, aiming to address income inequality and generate revenue for social programs.
IRS Form W-9 Changes and Their Impact on Trusts and Estates
In March 2024, the Internal Revenue Service (IRS) unveiled a revised version of Form W-9, Request for Taxpayer Identification Number and Certification, marking a significant update since its last revision in 2018. This change introduces new reporting requirements, particularly affecting flow-through entities such as trusts and estates. Refiliing may be necessary in certain circumstances.
Cracking the Code: BOI and Trusts for Accountants
This is a critical moment for accountancy practices to showcase their expertise in trust management and CTA compliance. Staying updated with these developments and proactively managing reporting obligations will be essential for navigating the regulatory landscape with the Corporate Transparency Act of 2024.