We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations. More
On March 31, 2021, the IRS announced that it will automatically process refunds for taxpayers who qualify for the exclusion of up to $10,200 of unemployment compensation benefits.
Due to the COVID-19 pandemic, millions of Americans were out of work and received unemployment compensation in 2020. The American Rescue Plan signed on March 11, 2021 permits taxpayers with less than $150,000 in modified adjusted gross income to exclude part of their unemployment compensation from their 2020 tax returns. A married couple filing jointly may exclude up to $20,400 and an individual may exclude up to $10,200 of unemployment compensation.
Because many people had filed their taxes prior to passage of the American Rescue Plan,... More
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan... View Presentation
Quentin Charles Douglas was the firstborn child in a large family. Throughout his childhood, Quentin's parents worked hard to put food on the table for their children. They also instilled in Quentin... More
Estate requested an extension to make a portability election under IRC Sec. 2010(c)(5)(A) to permit the decedent's surviving spouse to claim the decedent's deceased spousal unused exclusion (DSUE).... More
In early 2020, the economy saw a sharp decline as the coronavirus began to spread throughout the United States. Shortly thereafter, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was... More
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