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California Tax Review

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Estate and Gift Tax Exemptions and Exclusions: 2016 Projections

Based on recently published inflation tables, it is projected that for 2016, the per person estate and gift tax exmeption will rise to $5.45 million (from the current $5.43 million amount).  That means that an individual can leave $5.45 million to heirs and not pay any estate tax.  Because the exemption is per person, a married couple would be able to shield $10.9 million from estate tax.  Due to tax law changes in 2010, the estate and gift tax exemption amount is indexed for inflation, which is why there tends to be a steady annual increase in the exemption amount each year. 

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IRS Delays New Section 6035 Basis Reporting Requirements

The IRS recently released Notice 2015-57, which provides that the due date for the new tax basis reports that are now required to be filed under Section 6035 is postponed until February 29, 2016. 

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How to Revive Your Suspended Business Without Paying Back Taxes

For any business owner with tax problems, one of the most devastating things the government can do is to suspend the business entity's privileges.

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Hillary Clinton Releases Eight Years Worth of Tax Returns

On Friday, presidential candidate Hillary Clinton released eight years worth of her personal income tax returns--a practice which has now become the norm for any presidential candidate.  Upon releasing the returns her campaing also released a statement which emphasized that she came into wealth later in life.  "We've come a long way from my days going door-to-door for the Children's Defense Fund and earning $16,450 as a young law professor in Arkansas — and we owe it to the opportunities America provides," she said.

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