The webinar reviewed new federal estate and income tax laws and emerging planning opportunities. Under the new laws, the estate tax exclusion increased to $5 million per person for 2011-2012. Portability allows the unused exclusion of a deceased spouse to be used by the surviving spouse. Gift and generation-skipping transfer tax exclusions also increased to $5 million. Income tax rates were extended at lower levels through 2012. The Medicare tax and additional rates will apply starting in 2013 if not extended further.
Healthcare| Ontario| | Analysis and Commentary| January 2019paul young cpa, cga
Healthcare is a key area for many countries
Canada spends roughly 10% of GDP on healthcare or about $200B. Approximately 20% comes from the federal government through the HST
The largest expenditures for provinces is healthcare. Ontario for example spends around $55B or about 40% of their budget on healthcare
There is lots of waste within healthcare as many provinces have not done a very good job when it comes to value for money/healthcare
The delivery model is broken!
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...gppcpa
Objective: To quantify the effects of the Tax Cuts & Jobs Act for taxpayers in the highest individual tax bracket; to quantify the effects of the increase in the lifetime estate and gift tax exemption for taxpayers at all levels of wealth; and to identify the challenges and opportunities available for taxpayers as a result of these changes.
Healthcare| Ontario| | Analysis and Commentary| January 2019paul young cpa, cga
Healthcare is a key area for many countries
Canada spends roughly 10% of GDP on healthcare or about $200B. Approximately 20% comes from the federal government through the HST
The largest expenditures for provinces is healthcare. Ontario for example spends around $55B or about 40% of their budget on healthcare
There is lots of waste within healthcare as many provinces have not done a very good job when it comes to value for money/healthcare
The delivery model is broken!
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...gppcpa
Objective: To quantify the effects of the Tax Cuts & Jobs Act for taxpayers in the highest individual tax bracket; to quantify the effects of the increase in the lifetime estate and gift tax exemption for taxpayers at all levels of wealth; and to identify the challenges and opportunities available for taxpayers as a result of these changes.
Status of Estate and Gift Tax Law as of Jan 2010; planning opportunities in 2010; cautions and traps if retroactive estate tax passed in 2010; planning for 2011.
With the elimination of the personal exemption in 2018, some large families could experience increased state-level taxes. In states where families trend to larger sizes, such as Utah, the State Tax Commission anticipates tens-of-millions in surplus revenues as a result of the personal exemption elimination.
Get the very latest on important tax law changes that will impact returns for Tax Year 2013. There are so many changes to keep track of each year. Let us us do the legwork and keep you up to speed on the current status of tax law changes and extenders. Topics will include the Defense of Marriage Act, Post 2013 Affordable Care Act changes and other IRS initiatives.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
Presentation by Tina Davis Milligan, CPA, Managing Director, Family Office Services, CTC | myCFO - Speaker at the IFG Wealth Management Forum Oct 2015 at the Trump Doral in FL
Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Join Mike Moloney of Sebaly Shillito + Dyer and Jeanie Hargrove, CPA, of Brady Ware, as they review the state of the federal estate tax law in 2010, and common problems and solutions as a result of the current law.
Status of Estate and Gift Tax Law as of Jan 2010; planning opportunities in 2010; cautions and traps if retroactive estate tax passed in 2010; planning for 2011.
With the elimination of the personal exemption in 2018, some large families could experience increased state-level taxes. In states where families trend to larger sizes, such as Utah, the State Tax Commission anticipates tens-of-millions in surplus revenues as a result of the personal exemption elimination.
Get the very latest on important tax law changes that will impact returns for Tax Year 2013. There are so many changes to keep track of each year. Let us us do the legwork and keep you up to speed on the current status of tax law changes and extenders. Topics will include the Defense of Marriage Act, Post 2013 Affordable Care Act changes and other IRS initiatives.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
Presentation by Tina Davis Milligan, CPA, Managing Director, Family Office Services, CTC | myCFO - Speaker at the IFG Wealth Management Forum Oct 2015 at the Trump Doral in FL
Tax Cuts and Jobs Act: Individual Tax Planning InsightRea & Associates
The new Tax Cuts and Jobs Act managed to pack in a lot of changes for individual filers, many of which have left more than a few of us scratching our heads. This webinar will dive into the provisions that will have the most impact on individual tax strategy, including changes associates with trusts and estates. Cindy Kula, CPA, PFS, CFP, and Inez Bowie, CPA, CSEP, have already spent countless hours combing through the legislation and additional guidance so you don’t have to. Join us for this session to find out what they found.
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Join Mike Moloney of Sebaly Shillito + Dyer and Jeanie Hargrove, CPA, of Brady Ware, as they review the state of the federal estate tax law in 2010, and common problems and solutions as a result of the current law.
Business Succession Is a Process, Not a PlanSSDlaw
Join Mike Moloney of Sebaly Shillito + Dyer and Tom Gmeiner, CPA, of Brady Ware, for an in-depth discussion of the components needed to navigate the steps of a successful ownership transition.
You may have an idea of what you think your business is worth, but what would the outside market tell you right now? There are many factors that drive the value of a business. Please join Bev Shillito of Sebaly Shillito + Dyer, and Cliff Bishop of Brady Ware Capital, as they discuss these issues, current market conditions, and several things that you should focus on in order to maximize the value of your company.
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
The election is over - now what? We recently held free tax planning and preparation seminars discussing the tax consequences of the 2012 election.
The seminar featured Steven Hartstein, CPA, JD - Partner, and Jenna Staton, EA - Manager, and covered several topics including:
•Year end tax planning for individuals and businesses
•Year end tax planning using the estate and gift tax laws for 2012
•2013 tax law if no changes are made
•What the future holds based upon post-election Congress
If you have questions, please feel free to contact our Tax Planning & Preparation Group at 440-449-6800.
2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...Nicola Wealth Management
On October 1, 2017, NWM hosted a group of clients at the Four Seasons Hotel Toronto to discuss Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
This presentation discusses the American Taxpayer Relief Act of 2012, better known as the “fiscal cliff” legislation, extended many key tax provisions from the Bush era for both individuals and businesses. Also addressed were the key tax provisions contained in this Act as well as a number of other tax planning issues that you should be aware of this year.
This presentation was part of a CPE webinar. Full details at http://www.macpas.com/webinar-recap-2013-tax-update/.
More info at www.macpas.com
Tax Planning Update by Tracy Monroe, CPA. Presented at Cohen & Company's Client CPE Day. Covers business as well as individual tax updates.
www.cohencpa.com
On October 5, 2017, NWM hosted a group of over 500 people at the Fairmont Hotel Vancouver to discuss the Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
Income Tax Tips for PFMs Working with Military Familiesmilfamln
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
This 90-minute webinar will address updates to tax changes that affect military families and service members. Barbara O’Neill will discuss tax basics and common tax errors during the first half hour of this interactive webinar. In the second half Taylor Spangler of University of Florida Extension will talk about the specific tax issues of concern to military families, as well as provide military specific resources for tax help and support. Carol Kando-Pineda of the Federal Trade Commission will close the session with an update on the resources available through identitytheft.gov. Find more info: https://learn.extension.org/events/3191
A review of common fraud areas that occur in closely held businesses, how to prevent them and what your legal remedies are if you are a victim of fraud.
Gale Finley of Sebaly Shillito + Dyer and Geoffrey Frazier, CPA, of Brady Ware discuss how to avoid unwanted surprises by learning what to look out for when going into other states to transact business.
Sources of Capital in Today’s Difficult Credit EnvironmentSSDlaw
Your bank tells you that they won't lend you any more money (or they want the money back that they have loaned to you). What do you do now? Despite a very difficult credit environment, there are other options to fund your business. Please join Michael Booth of Sebaly Shillito + Dyer, and Cliff Bishop of Brady Ware Capital for a discussion of the current state of the credit markets as well as other options for funding the capital needs of your business.
Mike Moloney and Scott Davies discuss aspects of Probate Litigation, including creditor claims, will contests, disputes over inventory and disputes over guardianship of minors, as well as suggestions regarding how to reduce Probate Litigation through planning, use of trusts and mediation.
2. “Winning Business Strategies”
Webinar Series
Estate and Income Tax Laws:
New Two-Year Countdown Begins
Presented by:
Jeffrey A. Jackson, CPA/PFS, CFP® & Michael P. Moloney, JD, CFP®
3. Join us as we review the new federal income and estate tax law and the
emerging planning opportunities these new laws create.
Presenters:
Jeffrey A. Jackson, CPA/PFS, CFP® Michael P. Moloney, JD, CFP®
Brady, Ware & Schoenfeld Sebaly Shillito + Dyer
(765) 966-0531 (937) 222-2055
jjackson@bradyware.com mmoloney@ssdlaw.com
4. Estate Planning After the 2010 Tax Act
• Federal Estate taxes have been temporarily eliminated for
most of us
• Estate planning will change but it should not be ignored
• Trusts should still be used in most estate plans
5. Estate Tax Law Prior to 2010 Act
• Federal Estate taxes decreased dramatically in the last
decade
• Estate tax exclusion increased from $1M to $3.5M in 2009
• Tax rates were decreased from 55% to 45%
• Federal Estate taxes were eliminated in 2010 but the Gift
tax exclusion remained at $1M
• In 2011, the Estate tax exclusion was supposed to revert to
$1M and the Estate tax rate was to return to 55%
6. 2010 Tax Act – Impact on 2010 Estates
Under 2010 law prior to December 2010:
• No Estate tax but carry over basis
Under 2010 as a result of 2010 Act:
• Option to choose old law or new law
• No Estate tax but carry over basis
• Estate tax with a $5M exclusion, 35% rate, and stepped up basis
• Executors must make election on timely filed return
7. 2011 - 2012: Estate Tax
• $5M Estate tax exclusion and rate reduced to 35%
• This will exclude most estates from Federal Estate tax
• Still have to die to benefit
8. 2011 - 2012: Estate Tax
Portability
• Ability to use unused portion of deceased spouse’s $5M
Estate tax exclusion
• Spouses dying after 2010
• Executor makes election
• What if law changes?
9. 2011 - 2012: Gift Tax
• Gift tax exclusion increases from $1M to $5M
• Not only can this be taken advantage of currently; it might
be lost if not used
• Question for most is how to take advantage of this in a way
that provides for flexibility
10. 2011 - 2012: GST Tax
• $5M GST allocation for gifts
• $5M GST allocation for estates
• Use of this important allocation is widely overlooked
• Greatest wasted opportunities will occur with failure to use
GST
11. 2013 – Sunset of Estate Tax Provisions
• Unless changed, return to the $1M exclusion for Estate,
Gift and GST taxes
• 55% Estate and Gift tax and GST rate
• Indexed (from 1997) for inflation
• Will this happen?
12. 2011 - 2012 Estate Tax Planning for the
Very Wealthy
• Great opportunity in planning for the wealthy
• Use $5M exclusion with gifts
• Don’t forget loss of step up in basis
• Combine with GRATs, FLP discounts and current low interest
rates
13. 2010 Tax Act – The Moderately Wealthy
• What should moderately wealthy taxpayers consider?
• State Estate tax
• Inflation may push their estates above the thresholds for taxation
• Use of GST Trust would remove estate from Estate tax system
forever
• 2013 may really bring a $1M exclusion
14. 2010 Tax Act – What Most Taxpayers Will
Care About
• What will the rest of taxpayers care about?
• State Estate tax
• Income tax planning: maximizing income tax basis step up;
planning residency and domicile to minimize income and Estate
taxes
• Family and personal matters; health; lifestyle and religious issues
• Asset protection from creditors
• Corporate/entity planning and business succession planning
15. New Estate Tax Law Summary
2009 2010 2011-2012 2013 and
thereafter
Annual Exclusion Gifts $13,000 $13,000 $13,000 (unless $13,000 (unless adjusted to
(Don’t Count at All) adjusted to $14,000) $14,000)
Educational and Medical Unlimited Like Unlimited Like Unlimited Like Before Unlimited Like Before
Direct Payment Exemption Before Before
Lifetime Exemption $1,000,000 $1,000,000 $5,000,000 (+CPI in $1,000,000
2012)
Estate Tax Exemption $3,500,000 (less Unlimited $5,000,000 (less $1,000,000 (less portion of
what is used of portion of used used gifting exemptions?)
$1,000,000 lifetime gifting
exemption above) exemption)
Estate Tax Rate 45% 35% 55%
Discounts and installments Available Available Available initially (at ????
Sales/GRAT’s, etc. least, not sure about
rest of 2011-2012)
Portability of First Dying No No Yes Not as presently legislated
Spouse’s $5,000,000
Exemptions
16. 2010 Tax Act – Income Tax Laws
• Tax Relief/Job Creation Act of 2010
• Tax Rate Extension
• Reduced Dividend/Capital Gains Tax Rate
• IRA to Charity Distributions
• 100% Bonus Depreciation
17. 2010 Tax Act – Income Tax Laws
• Tax Rate Extension
• Extends 2010 rates until 12/31/12
• Capital Gains and Dividends
18. 2010 Tax Act – Income Tax Laws
• Zero Percent Capital Gains Tax Rate
• Applies to income in 10% or 15% brackets
• For Singles, $34,500
• For Married Couples, $69,000
• Zero Percent Capital Gains Tax Rate
• Gift Appreciated Securities to parents or children in lower
brackets
19. 2010 Tax Act – Income Tax Laws
• What happens in 2013?
• Extra Medicare Tax on High Earners
• Extra Medicare Tax on Investment Income
of High Income Individuals
• Sunset (again) of Two Highest Brackets
• Sunset of Low Rates on Capital Gains and Dividends
20. 2010 Tax Act – Income Tax Laws
• Medicare Tax on Investment Income
• 3.8% of Net Investment Income where AGI exceeds $250,000 for
MFJ or $200,000 for others
21. 2010 Tax Act – Income Tax Laws
• What is Net Investment Income?
• Interest & Dividends
• Rents & Royalties
• Gains from sale of property used in Passive Activity (i.e. a rental)
• Passive income from an S corporation
22. 2010 Tax Act – Income Tax Laws
• Net Investment Income does not include:
• Retirement Plan Earnings
• Retirement Plan Distributions
23. 2010 Tax Act – Income Tax Laws
• Consider the Defined Benefit Plan
• Out of favor for years
• Appealing now in some cases
• Consistently profitable small business
• Family well compensated
• Adequate Cash Flow to fund retirement
24. 2010 Tax Act – Income Tax Laws
• IRA to Charity Distributions
• 70 ½
• $100,000 for 2010 by January 2011
• $100,000 for 2011 by December 2011
• IRA to Charity – Why do it?
• Satisfies RMD
• Effectively creates deduction for state tax purposes
25. 2010 Tax Act – Income Tax Laws
• Rental Property Owners
• 1099 Reporting Requirements Apply Now
• Payments for Services > $600
26. 2010 Tax Act – Income Tax Laws
• Bonus Depreciation
• 100% from 09/08/10 through 12/31/11
• 50% in 2012
• New Property Only
• Not limited to small business
27. 2010 Tax Act – Income Tax Laws
• 2011 Section 179 Expense
• New or Used
• $500,000 maximum
• Deduction phases out when total equipment purchases exceed
$2M
• New Restaurant/Retail Buildings
• Leasehold Improvements
28. 2010 Tax Act – Income Tax Laws
• 2012 Section 179 Expense
• New or Used
• $125,000 maximum
• Deduction phases out when purchases exceed $500,000
• Not New Restaurant buildings
• Not Leasehold Improvements
29. QUESTIONS?
Thank you
for participating.
Estate and Income Tax Laws: New Two-Year Countdown Begins
Presented by:
Jeffrey A. Jackson & Michael P. Moloney
IRS Circular 230 disclosure: To ensure compliance with requirements imposed
by the IRS, we inform you that any U.S. federal tax advice contained in this
document is not intended or written to be used, and cannot be used, for
the purpose of (i) avoiding penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to another party any
transaction or matter that is contained in this document.