Exit Tax Form 8854 Changes and Common Procedural Errors

In Part 1 of our series on the final Exit Tax regulations issued by the IRS on January 14, 2025, we looked at §2801 tax implications for US individuals who receive certain gifts or bequests (either directly or indirectly) from someone who has expatriated [...]

By |2025-02-12T11:47:49-05:00February 12th, 2025|

IRS Releases the 2025 Inflation Adjustments

Every year, the IRS makes inflation adjustments to various items, such as the standard deduction, estate tax unified credit, tax brackets, etc. On October 22, 2024, the IRS released Rev. Proc. 2024-40 with the 2025 inflation adjustments. Here are some key inflation adjustments for [...]

By |2024-10-29T11:57:27-04:00October 29th, 2024|
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