New year, new tax, new form – Tax on “Covered Gifts and Bequests” and Form 708 U.S. Return of Gifts or Bequests from Covered Expatriates (form not yet released)
17 years ago, Congress enacted a new federal tax on gifts and bequests received by a U.S. person from those who relinquished the U.S. citizenship or residency. On January 14, 2025, the IRS published the final regulations. The IRS is yet to release the new Form 708 U.S. Return of Gifts or Bequests from Covered Expatriates.
California Wildfires: Understanding Your IRS Tax Relief Options
The Internal Revenue Service announced on January 10, 2025 tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025. This blog navigates the IRS tax relief items and provides related notes.
Inherited IRA Strategies for 2025 and Beyond
The RMD rules have significantly changed due to the passage of the SECURE Acts enacted in 2019 and 2022. Several provisions of SECURE 2.0 have become effective in 2025. If you have IRAs requiring RMDs, it is crucial to understand the changes and review your tax strategies and estate planning.