Cabreros told the Inquirer that BIR frontline officers from all over the country attended briefings at the agency's main office in Quezon City last week to prepare for today's implementation of estate tax
amnesty under Republic Act (RA) No.
THE Bureau of Internal Revenue (BIR) said the rules for the implementation of the estate tax
amnesty will be issued this week or before next month.
The Tax Cuts and Jobs Act of 2017 increased the federal gift and estate tax
exemption to over $11,000,000 per individual or over $22,000,000 combined for a married couple.
One of those complexities is the relationship of the estate tax
and the income tax.
This is the first installment of a two-part article on the federal estate tax
. Part 1 discusses the unified federal estate and gift tax rules, the exemption amount, the definition of a gross estate, gifts made within three years of death, estate valuation, and portability.
Part 1 discusses gift and estate tax
developments, and Part 2, in the October issue, will discuss GST tax and trust tax developments as well as tax reform proposals and inflation adjustments for 2017.
Eighteen states plus the District of Columbia levy an inheritance tax, estate tax
or both, but their numbers are declining, according to a new report from the conservative-leaning Tax Foundation.
The New Jersey estate tax
exemption for 2016 stood at $675,000, and it increase of to $2 million in 2017.
The federal estate tax
exemption for deaths in 2016 is $5.45 million.
Real estate tax
employees always threaten strikes but do not follow up, says Minister's real estate tax
As one of the most politically charged subjects in the world of estate planning, the estate tax
as a topic of conversation tends to produce more light than heat.
Following more than a decade of uncertainty and changing exemption levels, the American Taxpayer Relief Act of 2012 made the estate tax
law permanent with a $5.25 million exemption amount (potential $10.5 million for married couples) for 2013 and a 40% top tax rate.