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Reviewing the changes to the Tax Reform law from the lens of tax-efficient giving, it's clear it created some philanthropic winners and losers for the next few years. With the elimination of the phase-out of itemized deductions, donors who itemize can take advantage of the full amount of their charitable gifts, subject to Adjusted Gross Income limits. For donors who can no longer itemize, there are several good strategies to mitigate the loss of the deduction, including the use of IRAs, donor advised funds, and gifts of appreciated property.

Taxpayers who have identified opportunities to take advantage of the increased gift tax exemption before 2026, but have been hesitant to do so because of the risk of clawback, now find themselves on firmer ground for moving forward with those plans. However, with all of the ways and means of using the exemption, what should they do ... and why? We consider some ways and means of using it.

The new year brings new tax-savings opportunities, including larger tax exemptions and exclusions. Here are some strategies and tips to consider in your tax planning this year, as well as the Federal Estate and Gift Tax Exemption/Exclusion Levels for Individuals and 2019 Federal Income Tax Brackets charts.

After looking at the potential pitfalls in Part 1 of this multipart series on the Tax Cuts and Jobs Act of 2017, we turn to Part 2: the Income Tax Opportunities. Regardless of your net worth, the temporary increase in the federal tax exemption has made possible certain strategies that could significantly reduce capital gains tax and allow for rebalancing portfolios on a tax-free basis.

Investments into qualified Opportunity Zone Funds offer attractive tax benefits, while catalyzing capital inflows into economically distressed communities. However, prudence is necessary in evaluating these investment opportunities as they come to market.

The passage of the Tax Cuts and Jobs Act passed in 2017 overhauled several cornerstones of the Internal Revenue Code and introduced new tax law, including section 1400Z-1 and section 1400Z-2 which address the qualified opportunity zones (QOZs). The business community, specifically real estate investors, has viewed the QOZ as a possible turbocharged vehicle to stimulate economic development in low-income communities throughout the United States. However, the impact of the new code sections has been hampered by key questions on how to apply the provisions.

For companies doing business in multiple states, determining state tax responsibilities has always been a challenge. However, 2018 was a notably busy year. The Tax Cuts and Jobs Act (TCJA) brought federal legislation that left states needing to react quickly, and with tax reform 2.0 looming, the challenges are not over. In our state tax recap, we explore noteworthy changes and introduce information on state reactions to the TCJA, the Wayfair and sales tax nexus, increased state amnesty activity, and rate changes.

The Department of Treasury and Internal Revenue Service has issued initial proposed regulations and instructions for investments in qualified opportunity funds (“QOF”), a program designed to incentive the reallocation of capital to designated low-income census tracts. This long-anticipated guidance is expected to allow investors, business owners, real estate developers, and fund managers to be able to confidently seize the powerful tax deferral, reduction, and exclusion benefits provided by the QOF program.

The Tax Cuts and Jobs Act of 2017 created new incentives for investment into certain communities throughout the United States that have been designated as Qualified Opportunity Zones (QOZs) by the U.S. Treasury Department. Investors can take advantage of the statute’s unique opportunity for deferral and exclusion of capital gains taxes by investing in designated distressed communities or QOZs. In doing so, it is important to know the mechanics of investing in QOZs via Qualified Opportunity Funds, along with the risks that come with the opportunity.