The Blog

Yearly Archives: 2016

IRS Collection Policy Update – Changes to Streamlined Installment Payment Plans

Posted on by George Munro

The IRS recently updated rules under 26 U.S.C. § 6159 regarding streamlined installment payment agreements to expand the number of eligible taxpayers and ease certain requirements. The current changes are a test program lasting through September of 2017. The IRS … Continue reading

Estate Tax Update – Proposed Regulations to Limit Valuation Discounts

Posted on by George Munro

  On August 2, 2016, the Department of the Treasury circulated proposed regulations under Section 2704 of the Internal Revenue Code which significantly reduce a taxpayer’s ability to claim lack or marketability and lack of control “discounts” when valuing property … Continue reading

The PATH ACT – Permanently Extending the Qualified Small Business Stock (QSBS) 100% Gain on Sale Exclusion

Posted on by George Munro

Many small business owners face a large tax liability in the year of selling their business.  A typical business owner will work in the business for many years, dutifully paying all applicable taxes.  Then, when cashing out to retire, the … Continue reading

Increase in Federal Estate Tax Exemption for 2016

Posted on by Alison Warden

As of January 1, the federal lifetime estate and gift tax exemption has increased for inflation to $5.45 million per person. This is just slightly up from $5.43 million in 2015. Married couples can get the benefit of two individual … Continue reading