Individual, Estate and Gift Taxes under the 2024 Federal Budget

In March 2023, the Federal Administration unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years.

High-net-worth individuals continue to be the focus of these proposals while raising taxes.

Read Budget Impact on Individuals 

Other Proposed  Budget Tax Provisions:

Depreciation of Stock Loss

There is one upside to stock loss: a capital loss deduction.  The date of the stock sale is important and impacts whether your loss is long or short term.

Read Stock Loss

Importance Record Retention Guidelines: What to Keep, How Long, and Where to Keep Them

Keeping tax records is crucial for everyone. Be aware of what documents need to be kept, how long, and where to keep them.

Read Record Retention

Focus: Estate Planning

Assets of Irrevocable Grantor Trust Denied
by the IRS

The Risks of Moving a Trust to Another State Jurisdiction?

The Complexity of the Generation-Skipping Transfer (GST) Tax