Category Archives: Uncategorized

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Gift Taxes Paid Continue as Washington Taxable Estate Assets for Three Years

Posted on by Kristi Richards

Making gifts shortly prior to death does not eliminate the federal gift taxes paid from a Washington resident’s estate.  Washington’s Supreme Court recently released a decision requiring federal gift taxes paid within three years of death must be included in … Continue reading

2017 Estate Tax Updates

Posted on by Kristi Richards

Currently, both Washington state and the federal government have an estate tax due at an individual’s death, depending on the value of the assets the decedent owned. Both Washington and the federal government specify an amount of assets and money … Continue reading

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

Washington State Estate Tax in 2015

Posted on by Alison Warden

  The 2015 Washington state estate tax exemption for deaths occurring in 2015 is $2.054 million. This is up from $2.012 million in 2014.  Amounts passing to heirs above the $2.054 million mark will be taxed at a rate of … Continue reading

ObamaCare Premium Tax Credit Penalty Relief

Posted on by George Munro

Many taxpayers will not be entitled to a federal income tax refund this spring. Instead, they will have to write a check to the IRS due to freshly implemented rules under the Patient Protection and Affordable Care Act (i.e., ObamaCare). However, a recently published IRS … Continue reading

The Windsor Decision – One Year Later

Posted on by Alison Warden

  One year ago this month, Edie Windsor won her case in the U.S. Supreme Court, securing a refund from the IRS of the $363,000 estate tax bill that she paid upon the death of her spouse (and partner of … Continue reading

Newsflash: Tax Court Deems Attempted IRA Investment To Be Taxable IRA Distribution

Posted on by George Munro

In order to invest in real estate, private placements, or other unique investments with your self-directed IRA, you must use an IRA custodian that allows specialized, self-directed IRA investments rather than a traditional IRA custodian such as Charles Schwab, Vanguard, … Continue reading

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