Gift Tax Reminders
As the fourth quarter approaches, it is useful to remind clients about gift tax considerations, as they consider possible gifting plans before the end of the year.
First, effective on January 1, 2018, the annual gift tax exclusion has increased to $15,000 per person, per year, up from $14,000 in recent years.
Second, the lifetime exclusion for gift (and estate) tax purposes is $11,180,000, ...
Change in Method Due to New Tax Law
As a result of the new tax law that was enacted on December 22, 2017, there are new rules governing when a taxpayer must use the accrual basis of accounting.
Effective for tax years beginning after December 31, 2017, taxpayers with gross receipts of $25 million or less are no longer required to use the accrual basis of accounting, even if they have inventories. For this purpose, gross receip...