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.
We want to help you manage your tax activities and simplify complex tax laws. We hope you’ll find that our 2014 Quick Tax Facts guide helps you do just that. This handy guide compiles frequently changing tax information applicable to most businesses and households.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
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 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.
We want to help you manage your tax activities and simplify complex tax laws. We hope you’ll find that our 2014 Quick Tax Facts guide helps you do just that. This handy guide compiles frequently changing tax information applicable to most businesses and households.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
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 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.
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
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.
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
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
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!
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
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.
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
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
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!
This webinar will provide you with all of the information you need to know in order to understand and implement the changes made by the Tax Cut and Jobs Act, signed into law in December of 2017. McKonly & Asbury presenters, Mark Heath – Partner, and Charlie Eisenhart – Manager, will be covering corporate tax reform including rate changes, new depreciation rules, and limitations on deductions; flow-through tax reform with a special focus on the new 199A deduction; as well as the changes affecting individuals, including new rate brackets and limits on itemized deductions.
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.
With the passage and implementation of the Tax Cuts and Jobs Act (TCJA), comes a lot of changes for taxpayers to wrap their heads around – but we’re up to the challenge.
Even with all the information floating around these days, it’s easy to overlook or misinterpret how the law works. Don’t worry; with this presentation, we'll provide you the important tips and insights surrounding this law.
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.
2017 will likely see substantial changes to the US Tax Code. Currie & McLain explore the potential changes and their impact to business, individuals and estates.
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
Similar to The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show Me the Numbers! (20)
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This presentation is an overview of the new tax law and how it impacts international taxation including such topics as the Participation Exemption, Transition Tax, Global Intangible Low-Taxed Income, Foreign-Derived Intangible Income, Base Erosion and Anti-Abuse Tax, and Interest Deductibility.
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This presentation is intended to raise awareness about occupational fraud, and provide a strong overview of electronic evidence investigations.
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
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The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show Me the Numbers!
1. The Impact of the Tax Cuts & Jobs
Act on High Tax Bracket Individuals
Show Me The Numbers!
Wednesday, May 30, 2018
Michelle Johnson, CPA
Amber Gutschlag, CPA
2. Objectives
• To quantify the effects of the Tax Cuts &
Jobs Act for taxpayers in the highest
individual tax bracket
• To review the effects of tax reform on
trusts and the estate and gift tax
exemption
• To identify some of the challenges and
opportunities available for taxpayers as a
result of these changes
3. Bracket Math
• Old law – top rate 39.6%; starts at
$470,700 of taxable income
• New law – top rate 37%; starts at
$600,000 of taxable income
Old Law New Law
AGI $1,000,000 $1,000,000
Standard Deduction $12,700 $24,000
Taxable Income $987,300 $976,000
Tax $342,952 $307,249
4. Itemized Deductions
• State/local taxes limited to $10,000
• Home equity loan interest nondeductible
• Mortgage interest deduction limited to
$750,000 debt
• No miscellaneous 2% itemized deductions
– Investment Advisory Fees
– Unreimbursed Employee Business Expenses
– Tax Prep Fees
5. Pease Limitation
• Old law - reduced itemized deductions for
high income taxpayers. AGI threshold was
$313,800 MFJ
• New law – repeals Pease limitation
6. Itemized Deduction Illustration
A
• Example:
– MFJ, $1,000,000 wages
– $30,000 real estate taxes, $50,000 charitable,
$50,000 investment advisory fees
Old Law New Law
State/Local/Property Tax $30,000 $10,000
Charitable Contribution $50,000 $50,000
Investment Advisory Fees $50,000 -
Miscellaneous 2% Limitation ($20,000) -
Pease Limitation ($20,586) -
Net Itemized Deductions $89,414 $60,000
7. Itemized Deduction Illustration A -
Continued
Old Law New Law
AGI $1,000,000 $1,000,000
Itemized Deductions $89,414 $60,000
Taxable Income $910,586 $940,000
Tax $312,573 $293,929
8. Itemized Deduction Illustration B
• Example - at what point would this taxpayer
not save under the new law?
– Approximately $47,000 more misc 2% deductions
Old Law New Law
AGI $1,000,000 $1,000,000
Itemized Deductions $136,414 $60,000
Taxable Income $863,586 $940,000
Tax $293,961 $293,929
9. Charitable Deduction Strategies
• Old law – standard deduction was $12,700
for MFJ; strategy was to double up on real
estate taxes every other year
• New law – standard deduction is $24,000
for MFJ; with taxes limited to
$10,000/year, should we consider bundling
charitable?
11. Bundling Charity IllustrationB
$20,000/Yr for 5 Years $100,000 in Yr 1
Tax Year 1 $305,029 $275,429
Tax Year 2 $303,213 $305,174
Tax Year 3 $301,344 $303,046
Tax Year 4 $299,409 $300,815
Tax Year 5 $297,425 $298,535
Total $1,506,420 $1,482,999
12. Education Savings
• Old law – distributions for qualified higher
education expenses were tax-free
• New law – allows distribution of
$10,000/year per student for elementary &
secondary school
13. Education Savings Illustration
Child 1 Child 2
Initial Contribution $50,000 $50,000
Plan Earnings $25,000 $25,000
Plan Balance $75,000 $75,000
Transfer ($75,000) $75,000
New Balance $0 $150,000
Private School Tuition 4 Yrs - ($40,000)
Remaining Balance - $110,000
14. Kiddie Tax
• Old law – over $2,100 unearned income
was taxed at parent’s top rate
• New law – over $2,100 unearned income is
taxed based on trust brackets/rates
Income Child High Child Low
Parent High Win Win
Parent Low Lose Win
15. Kiddie Tax Illustrations
Old Law New Law
Child’s Portfolio Income (AGI) $15,000 $15,000
Standard/Itemized Deduction $1,050 $1,050
Taxable Income $13,950 $13,950
Tax $5,214 $3,266
Old Law New Law
Child’s Portfolio Income (AGI) $25,000 $25,000
Standard/Itemized Deduction $1,050 $1,050
Taxable Income $23,950 $23,950
Tax $6,425 $6,966
16. Alternative Minimum Tax
• Old law – In 2017 the AMT exemption was
$84,500 and the exemption began to
phaseout at $160,900 for MFJ taxpayers.
• New law – Individual AMT is retained, but
the AMT exemption amount is increased
to $109,400 and the exemption phaseout
is increased to $1,000,000 for MFJ
taxpayers.
• Many deductions that were previously
preference items have been repealed.
17. Child Tax Credits
• Old law – phased out if MFJ MAGI was
over $110,000
• New law – phased out if MFJ MAGI is over
$400,000
• Credit increased from $1,000 to $2,000
• New $500 credit for other dependents
18. The Happy Family
Total Tax 2017
Wages $400,000
Taxes ($30,000)
Mortgage Interest ($15,000)
Misc Itemized Ded ($50,000)
2% of AGI $8,000
Phaseout $2,586
Exemptions $7,290
Taxable Income $308,296
Tax (Regular) $76,955
Tax (AMT) $19,116
Total Tax $96,071
AMT Calculation 2017
AGI less itemized
deductions
$315,586
Taxes $30,000
Misc Itemized Ded $42,000
Phaseout ($2,586)
AMTI $385,000
Exemption ($28,475)
Tentative Min Tax $96,071
Regular Tax $76,955
AMT $19,116
19. The Happy Family - Continued
Old Law New Law
AGI $400,000 $400,000
Itemized Deductions $84,414 $25,000
Taxable Income $308,296 $375,000
Regular Tax $76,955 $83,379
AMT $19,116 -
Total Tax $96,071 $83,379
Child Tax Credits - ($8,000)
Net Tax Liability $96,071 $75,379
20. Net Investment Income Tax (NIIT)
• Old law - investment fees and the amount of
state income tax attributable to investment
income reduced investment income subject to
NIIT
• New law - no change to NIIT itself, but some
deductions are no longer allowed
• Taxpayers should be aware that if they are
subject to this tax, the amount will likely
increase
21. NIIT Illustration
• Taxpayer had $100,000 of investment
expenses, reduced to $81,500 of deductible
expenses after 2% AGI limitation
• The loss of that deduction under the new law
will increase the taxpayer’s NIIT by $3,097
($81,500 x .038 = $3,097)
22. What’s New for Trusts?
• Rates changed, but brackets remain the same
(except the 28% bracket eliminated)
2017 Bracket 2017 Rate 2018 Bracket 2018 Rate
$0 - $2,550 15% $0 - $2,550 10%
$2,551 - $5,950 25% $2,551 - $9,050 24%
$5,951 - $9,050 28%
$9,051 - $12,400 33% $9,051 - $12,400 35%
$12,401+ 39.6% $12,401+ 37%
23. What’s New for Trusts?
• No miscellaneous itemized deductions
(investment advisory and tax preparation fees
among others)
• $10,000 cap on all state and local income and
property taxes (unless trade/business activity)
• Business losses limited to $250,000 to offset
portfolio income
• 20% deduction for business income of certain
pass-through entities
24. What Did Not Change for Trusts?
• Law retains the preferential rates for qualified
dividends and long-term capital gain income, but
adjusts the thresholds.
• The law does not appear to change the
deductibility of trustee fees, but clarification is
needed.
• Trust and estate personal exemptions are
unchanged.
• The law did not amend the AMT for trusts and
estates.
25. Trust Illustration A
Will trusts pay more tax?
Income/Expense 2017 2018
Interest Income $50,000 $50,000
Tax Prep Fees ($2,500) -
Investment Advisory Fees ($28,000) -
2% Limitation $948 -
Exemption ($100) ($100)
Taxable Income $20,348 $49,900
Income Tax * $6,340 $16,862
• Note – This trust is also subject to net investment income tax (NIIT)
but NIIT was not calculated for this example. NIIT will also increase
due to the loss of deductions for expenses.
26. Trust Illustration B (Trapped Income)
Income/Expense 2017 2018 Accounting Income
Interest $70,000 $70,000 $70,000
Tax Prep Fees ($2,500) - ($1,250)
Investment Advisory Fees ($28,000) - ($14,000)
2% Limitation $543 - n/a
Adjusted Total Income $40,043 $70,000 $54,750
Income Distribution Deduction ($40,043) ($54,750)
Taxable Income $0 $15,250
In 2017, AI > DNI, so IDD = DNI In 2018, AI < DNI, so IDD = AI
27. Estate & Gift Tax Reform
• Old law – lifetime exemption was $5,000,000
indexed for inflation ($5.49MM in 2017)
• New law – lifetime exemption is $10,000,000
indexed for inflation ($11.18MM in 2018)
• Portability is still available
– GST exemption does not port to surviving spouse
28. Estate & Gift Tax Reform
• Why worry about this anymore?
– What will happen to your assets?
– Privacy
– Probate
– State estate taxes
– Top rate is still 40%
– Law reverts to $5MM after 2025
29. Estate & Gift Tax Reform
• Basis is the name of the game
Estate Assets Basis FMV
Cash $500,000 $500,000
Brokerage Accounts $1,000,000 $2,500,000
House $2,000,000 $7,000,000
Total $3,500,000 $10,000,000
Beneficiary’s Tax Scenario Calculation
Proceeds (FMV) $10,000,000
Basis ($10,000,000)
Net Capital Gain $0
Capital Gains Tax $0
30. Estate/Gifting Illustration
Estate Assets Basis FMV
Cash $500,000 $500,000
Brokerage Accounts $1,000,000 $2,500,000
House (previously gifted) n/a n/a
Total $1,500,000 $3,000,000
Beneficiary’s Tax Scenario Calculation
Proceeds (FMV) $10,000,000
Basis (Inherited Assets) ($3,000,000)
Basis (Gifted Asset) ($2,000,000)
Net Capital Gain $5,000,000
Capital Gains Tax $1,190,000
31. Other Reform Topics
• Alimony
• Moving Expenses
• Medical Deduction Floor
• Personal Exemptions
• Capital Gains Rates
34. Appendix - Net Operating Losses
• Old law –NOL could be carried back 2 years or
carried forward 20 yrs and offset 100% of
income in the taxable year.
• New law - in general, no carrybacks, but may
carry forward an NOL indefinitely.
– NOLs created in 2018 and future years may only
offset 80% of taxable income in the year carried
forward.
– NOLs generated before 2018 can offset 100% of
taxable income in the year carried forward.
35. Appendix - Excess Business Losses
• Old law – excess business losses could offset
an unlimited amount of ordinary and portfolio
income
• New law – excess business losses can only
offset $250,000 ($500,000 MFJ) of ordinary
and portfolio income
36. Appendix - 20% Pass-through
Deduction
• Below the line deduction for 20% of qualified
business income
– Qualified trade/business income
– Not a specified service trade/business
– Does not include investment income
– Limited to greater of 50% of W-2 wages or sum of
25% of wages plus 2.5% of unadjusted basis of
qualified property
Editor's Notes
Tax brackets: The number of tax brackets did not change. For all income ranges (except noted) the new tax rate is the same or lower with the new law. Note that for MFJ, taxable income between $400k and $424,950, the old rate was 33% and the new rate is 35%.
Assumptions:
Taxpayer is married, with no dependents
Savings in above example: $35,703
State and local tax (including income tax or sales tax, real estate tax, and property tax) is now limited to $10k (5k if MFS).
Home equity debt is not grandfathered, and the interest is no longer deductible.
The home mortgage interest deduction was modified to reduce the limit on acquisition indebtedness to $750k (from the prior $1M limit). A taxpayer who entered into a binding contract before 12/15/17 and closes on the property before 4/1/18 is considered to have incurred the debt prior to 12/15 and is therefore subject to the $1M limit. Also note that for refinancing, if amount is equal or less than grandfathered debt, the $1M limit is still in place.
There was no change to investment interest expense.
The Pease limitation (reducing most itemized deductions by 3% of the amount by which AGI exceeds a threshold amount [$313,800 in 2017 for married couples] but with a maximum reduction of 80%) is eliminated for 2018-2025.
Assumptions:
Married filing joint taxpayers, no dependents, $1,000,000 wages
$30,000 tax deduction, $50,000 charitable deductions and $50,000 advisory fees
Assumptions:
Married filing joint taxpayers, no dependents, $1,000,000 wages
$30,000 tax deduction, $50,000 charitable deductions and $50,000 advisory fees
For both scenarios, additional Medicare tax equals $6,750 = .9% x (1,000,000-250,000)
Savings in above example: $18,644
Assumptions:
All same as prior slide, with an additional $47,000 miscellaneous itemized deductions (could be investment expenses, unreimbursed business expenses, passthrough expenses, etc.)
Law change allows charitable deductions to offset up to 60% of a taxpayer’s AGI, versus 50% in prior law. Provision expires after 2025.
No charitable deduction is allowed for a payment to a higher education institution in exchange for which the payor receives the right to purchase tickets or seating at an athletic event. This provision is permanent.
Another change is that the exception to contemporaneous written acknowledgement requirement was repealed, meaning that the written acknowledgement must be obtained now for any contribution of $250 or more). This is effective for 2017.
Assumptions:
Married filing joint taxpayers, no dependents, $1,000,000 wages
Unbundled scenarios - $10,000 tax deduction, $20,000 charitable deductions made annually
Bundled scenarios - $10,000 tax deduction each year, no charitable in the first year, $40,000 charitable in second year
For both scenarios, additional Medicare tax equals $6,750 = .9% x (1,000,000-250,000)
Tax liabilities assume an increase in brackets and standard deductions due to inflation adjustments
Total tax for two year period unbundled = $608,242
Total tax for two year period bundled = $603,062
Savings in above example = $5,180
Assumptions:
Married filing joint taxpayers, no dependents, $1,000,000 wages
Unbundled scenarios - $10,000 tax deduction, $20,000 charitable deductions made annually
Bundled scenarios - $10,000 tax deduction each year, $100,000 charitable in the first year, no charitable in years 2-5 (taking standard deduction)
For both scenarios, additional Medicare tax equals $6,750 = .9% x (1,000,000-250,000)
Tax liabilities assume an increase in brackets and standard deductions due to inflation adjustments
Savings in above example = $23,421
Savings are nearly the 2 year bundled savings x4 years
Illustration does not consider time value of money or the discipline of the taxpayer
Other strategies:
Make a qualified charitable distribution (QCD) from an IRA directly to charity. Satisfies required minimum distribution, which will reduce adjusted gross income. Available to taxpayers 70 ½ or older. Transfers from IRAs only – not available from 401(k) plans.
Gifting of appreciated stock to a public charity. Avoids long term capital gain tax and NIIT.
Distributions from qualified tuition programs are excluded from gross income of the donor or beneficiary if used for qualified higher education expenses (QHEEs). QHEEs include tuition, fees, books, supplies and equipment required for enrollment. Room and board are included if the beneficiary is enrolled at least half time in a degree or certificate seeking program. Under the new law, the $10,000 distributions allowed for elementary or secondary school tuition expenses. Schools may be public, private or religious.
Only the earnings have potential taxable consequences, and are calculated based on a ratio of qualified expenses to distributions. A 10% tax applies if distributions are not used for QHEEs and a limited exclusion does not apply.
35 states offer a deduction or credit for education plan contributions. There may be an opportunity to fund a plan, let it sit for a while, and then make a withdrawal for private school tuition to take advantage of the state tax deduction. Wisconsin and Montana are two states that assess penalties for this strategy, and we’ll have to watch how the state laws may change as a result of the federal law change.
Plans can be rolled over tax-free to another tuition plan or ABLE account of a family member which include:
a child, including foster and adopted children, or descendent of;
brother, sister, stepbrother, or stepsister;
father or mother or ancestor of either;
stepfather or stepmother;
niece or nephew of the beneficiary;
aunt or uncle of the beneficiary; and
son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law.
In order for a rollover or a change in the beneficiary of a QTP to escape gift and generation-skipping transfer (GST) taxes—the new beneficiary must be of the same or higher generation as the old beneficiary, and a member of the same family (IRC § 529(c)(5)(B) ).
Student loan forgiveness will not be taxable income to student upon death/total disability.
Assumptions:
Parents funded a 529 plan for each of their two children
Child 1 received a full scholarship to college and will not pursue graduate school
Child 2 is a freshman at a private high school
Alternatives:
Parents could roll Child 1’s plan balance to another family member
Parents could have to distribute the plan balance to themselves (the $25,000 would be subject to their tax rate plus 10% penalty). Assuming they are in the top tax bracket, that would be $11,750 of tax on $25,000 (37% top tax rate, plus 10% penalty).
Grandparents or others can make gifts to educational institutions directly without impacting their annual gift exclusion ($15,000 for 2018).
Kiddie tax rules first went into effect as part of the Tax Reform Act of 1986, and generally apply to the following children:
Under the age of 19, or 24 if the child is a full-time student and either of the child’s parents are alive;
And the child’s unearned income exceeds $2,100;
And the child does not file a joint return
Children’s tax returns can be prepared without waiting or coordinating with the parent’s return.
Provisions under the new law expire after 2025.
Assumptions:
Dependent child has $15,000 of portfolio income, no earned income
Bracket rate is 39.6% for the top example ($1,500,000 taxable income of parents, plus $15,000 for child); savings $1,948
Bracket rate is 28% for the bottom example ($150,000 taxable income of parents, plus $25,000 for child); loss $541
Why less tax at even the highest level? Even though compressed trust brackets are used, we are getting the benefit of brackets. Old law used top rate on all income over $2,100.
The AMT exemption amounts are temporarily increased for individuals after 2017 and before 2026. The temporary dollar amounts are indexed for inflation after 2018.
Many deductions that were previously preference items for alternative minimum tax, are either greatly limited or no longer deductible. The effect of that, along with the increase in the exemption amount and phaseout threshold, should result in significantly less taxpayers being subject to AMT.
The child tax credit was increased to $2,000 (refundable up to $1,400) and there is also a new $500 credit for dependents that do not meet the child credit requirements, but are able to meet the dependency requirements. The credit is phased out when modified AGI exceeds $400k (MJF) or $200k (all others). The portion of the child tax credit that exceeds regular tax liability may be refundable (same calculation as prior law, except that the refundable portion cannot exceed $1,400 per qualifying child). The $500 credit is nonrefundable.
Assumptions:
Married filing jointly taxpayer with 4 dependent children
Wages of $400,000
$30,000 tax deduction, $15,000 mortgage interest deduction and $50,000 of miscellaneous itemized deductions
They would have additional Medicare tax in both scenarios of $1,350 ($400,000 - $250,000) x .9%. This amount is not reflected above.
Assumptions:
Married filing jointly taxpayer with 4 dependent children
Wages of $400,000
$30,000 tax deduction, $15,000 mortgage interest deduction and $50,000 miscellaneous itemized deductions
Additional Medicare tax, not included above, in both scenarios is $1,350 ($400,000 - $250,000) x .9%
NIIT went into effect on 1/1/2013. It is a 3.8% tax on investment income in excess of certain threshold amounts. Income thresholds are $200,000 for single and head of household taxpayers and $250,000 for married filing jointly taxpayers. If income is over those thresholds, the taxpayer is subject to a 3.8% tax on the lesser of net investment income or the excess of modified adjusted gross income over the threshold.
The changes to the income taxation of trusts and estates are effective for tax years 2018 through 2025 (unless otherwise noted).
Brackets are subject to change for inflation adjustments.
If taxes are incurred in a trade or business activity described in IRC Section 212, they are an exception and the $10,000 limitation will not apply.
Capital gains and qualified dividends rates for 2018
Tax rate Thresholds
0% $0 - $2,600
15% $2,601 - $12,700
20% Over $12.700
Although personal exemptions were suspended for individuals, trusts and estates are still entitled to their personal exemptions. The amounts have not changed.
The law did not amend the AMT for trusts and estates. The exemption of $24,600 and phaseout threshold of $82,050 for trusts and estates (for 2018) were not changed
The income distribution deduction (IDD) is the lesser of distributable net income (DNI) or fiduciary accounting income. In this example, DNI = Adjusted Total Income.
Disbursements from fiduciary accounting income per the Uniform Principal & Income Act:
Sec. 116.201. DISBURSEMENTS FROM INCOME. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which Section 116.051(2)(B) or (C) applies:
(1) one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee unless, consistent with the trustee's fiduciary duties, the trustee determines that a different portion, none, or all of the compensation should be allocated to income;
(2) one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;
(3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and
(4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
GST exemption is also increased to $10 million (adjusted for inflation) for transfers made after 2017 and before 2026.
Portability – if the first spouse dies before 2026 and ports their unused exclusion to a surviving spouse, that DSUE will be available in full to the surviving spouse, even if the basic exclusion reverts to a lesser amount when the Act’s provisions sunset.
We are not sure if there would be a “clawback” after 2025. (a prior gift covered by exclusion in effect when the gift was made, that could result in estate tax if the exclusion has decreased when the donor dies). The apparent intent of the Act is that regulations would clarify that clawback would not apply if the estate exclusion amount is smaller than an exclusion amount that applied to prior gifts.
Assumptions:
All other personal assets are immaterial to the asset total
Estate is for a single (unmarried) taxpayer
No prior gifts have been made
Taxpayer dies in 2018 when exemption is $11,180,000, so no estate tax liability
Heir sells inherited assets just after date of death, when FMV is equal to stepped up basis
Assumptions:
All other personal assets are immaterial to the asset total
Estate is for a single (unmarried) taxpayer
Prior to death, the taxpayer gifted their home to the heir, with a basis of $2,000,000.
Taxpayer dies in 2018 when exemption is $11,180,000, so no estate tax liability
Heir sells inherited assets just after date of death, when FMV is equal to stepped up basis. The home has a FMV of $7,000,000 at date of death. Net gain to heir is ($10,000,000 - $3,000,000 inherited basis - $2,000,000 basis of home = $5,000,000.
Tax calculation assumes that the heir would pay highest capital gains tax rate 20% plus 3.8% net investment income tax on the sale of all assets.
Alimony is no longer deductible by payor nor includible by the recipient (for divorces executed after 12/31/18).
Moving expense deduction and exclusion is repealed except for active members of the Armed Forces (provision expires after 2025)
Medical deduction threshold is 7.5% for 2017 and 2018 (reverts to 10% starting in 2019)
Personal exemptions were repealed
Capital gains rates are not exactly tied to brackets any longer, but are close, and both tied to inflation.
The excess business loss provision applies to all noncorporate taxpayers.
Step 1: Apply business interest expense limitation to each trade/business as applicable
Step 2: Apply passive and at-risk limitations to the trade/business
Step 3: Aggregate trade/business income and losses. If losses exceed the threshold, apply the limitation
Carryover of excess business losses are treated as an NOL carryforward subject to the 80% limitation. They do not have to be applied to the trade/business activity that generated the loss.
This new provision provides a 20% deduction on qualified business income. This deduction is taken on the individuals’ tax return from taxable income (not an above the line deduction, therefore does not decrease SE tax) and can result from the flow through of income from a sole proprietor, SMLLC, partnership, or S Corporation.
The calculation is very complex and can be limited based on taxable income as well as the type of trade/business income that is applicable.
A limitation based on W-2 wages and capital is phased in when the taxpayer’s taxable income exceeds a $157,500 ($315,000 MFJ) threshold amount. A disallowance of the deduction with respect to specified service trades or businesses is also phased in when taxable income exceeds the threshold amount.
These limitations are phased-in if taxable income exceeds the threshold amount but is below $207,500 ($415,000 MFJ) (the phase-in range).
There are a great deal of questions on how this deduction will be applied and more guidance is needed.