Insights

Corporate Transparency Act:  LLCs and Other Entities Required to Report Ownership and Control Information to the Federal Government

On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA”) to combat the use of corporate structures in money laundering and other financial crimes. Under the CTA, ownership interests in LLCs, corporations and other similar entities may need to be reported to the federal government. Fortunately, these reporting requirements will take effect on January 1, 2024, so there is time to prepare.

IRS Releases Annual Inflation Adjustments for Tax Year 2023

Choate's Wealth Management Group have outlined the recently released IRS annual inflation adjustments for 2023, which include increased gift, estate, and generation-skipping transfer (“GST”) tax exemptions and annual gift tax exclusions, increased retirement account limits, and new income tax brackets.

Estate Planning Opportunities in Current Markets

Choate's Wealth Management Group have outlined three useful estate planning techniques in response to rising inflation and fears of a near-term recession.

Legislative Update: Planning for Build Back Better

On November 19, the House passed a version of the Build Back Better Act that, if signed into law, would make several important changes to the tax code.

IRS Releases Annual Inflation Adjustments for Tax Year 2022

The Internal Revenue Service recently released annual inflation adjustments for 2022.

Planning for High Net Worth Individuals: Proposed Tax Changes and What to Do About Them

Congress is currently debating a budget reconciliation bill that, if enacted, will make significant changes to the tax code. In the meantime, there are several steps clients can take to plan for the most likely tax code changes.

President Biden’s April 28 Tax Proposal

On April 28, 2021, President Biden detailed the second phase of his infrastructure plan in a Joint Session Address to Congress.

President Biden’s March 31 Tax Proposal

On March 31, 2021, the Biden Administration announced the American Jobs Plan to invest $2 trillion during this decade in jobs and infrastructure. To pay for these investments, the Administration also released the Made in America Tax Plan that could potentially increase corporate taxes in a variety of ways. Additionally, there are other tax proposals outside of the Made in America Tax Plan that could affect high net worth individuals.

IRS Extends 2020 Federal Income Tax Deadline for Individuals

On March 17, 2021, the IRS announced that the 2020 federal income tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021.