Estate Tax Changes Under Recent Tax Acts

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The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) was a sweeping piece of legislation that significantly changed the federal gift and estate tax and the GST tax for the years 2001 through 2010. The maximum tax rates gradually decreased from 55% to 45% (35% for gift tax) and the exclusions/exemptions gradually increased from $675,000 to $3.5 million ($1 million for gift tax). The provisions of EGTRRA repealed the estate and GST taxes (but not the gift tax) for 2010; then, for 2011, EGTRRA provisions expired, effectively reinstating the tax rules that were in effect prior to 2001.

2018 Tax Filing Data Shows Need to Review Withholding

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The IRS continues to encourage taxpayers to review the amount of tax they have withheld to avoid an unexpected tax surprise when they file their 2019 tax returns next year. Preliminary 2018 tax filing data seems to show the need for taxpayers to review their withholding in order to make sure the appropriate amount of tax is being withheld from their paychecks to reflect recent tax law changes.

IRS Issues Annual List of Tax Scams

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The IRS recently issued its annual list of tax scams. The list highlights various scams that taxpayers may encounter, many of which occur during tax filing season. Learn more about some of the scams that are highlighted on the list, including phishing, phone scams, identity theft, return preparer fraud, inflated refund claims, and fake charities.

Data Breaches: Tips for Protecting Your Identity & Money

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Large-scale data breaches are in the news again, but that’s hardly surprising. Breaches have become more frequent—a byproduct of living in an increasingly digital world. During the first six months of 2019, the Identity Theft Resource Center (ITRC), a nonprofit organization whose mission includes broadening public awareness of data breaches and identity theft, had already tracked 713 data breaches, with more than 39 million records exposed. Once a breach has occurred, the “aftershocks” can last for years as cyberthieves exploit stolen information. Here are some ways to help protect yourself.

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