About three weeks ago, the IRS and Treasury issued Rev.Proc. 2024-40 which provides most of the updated 2025 numbers for 36 categories related to all sorts of taxes, which covers everything from tax rate tables to qualified small employer health reimbursement arrangements. If you want a copy of the entire Rev. Proc, please email me…
Author: James V. Roberts
Not Retiring or Slowing Down, Hiring New Attorneys Here at GPM
A couple of days ago, I sent out a newsletter about new estate planning attorneys whom we have brought on in the last year or so. Unfortunately, some folks thought that meant that I, Jim Roberts, am either retiring or slowing down. That’s not the case. Not at all. As my colleagues here know, I…
New Attorneys Here at GPM
We have been successful in adding some attorneys here at GPM in our Estate Planning and Individual Wealth Management group. I wanted to introduce them to you. Julia Leary. Through a connection at Texas A&M Law School, we were introduced to Julia Leary. She has been a real find! Julia was involved in a clinic…
CTA Reminder
The Corporate Transparency Act went into full effect on January 1, 2024. If you have an entity which was created by filing something with your state’s Secretary of State or similar office, or an Indian Tribe, or a foreign entity registered to do business in the US, you will need to file a beneficial ownership…
Retirement Plan Distributions Required by 12-31
In News Release 2023-246 just issued (“IR 2023-246”), the IRS reminded taxpayers who were born before 1951 that they may have to take a distribution from their retirement plans by December 31. Here is the text of the news release (NOTE: this text had what appeared to be links which were copied directly from the…
QCD Reminder
In News Release 2023-215 issued November 16, 2023 (“IR 2023-215” or simply the “IR”), the IRS reminded taxpayers who are age 70 1/2 or older that now is the time to consider a qualified charitable distribution or QCD. Much of the text below is copied, in some cases verbatim, from the IR. QCDs offer eligible…
NEW Tax Exemptions, Etc for 2024
Treasury and the IRS just issued Revenue Procedure 2023-34 setting forth inflation-adjusted items for 2024 for various Internal Revenue Code provisions. In the estate, gift and generation-skipping tax arena, some of the numbers have been estimated for over a month. Now they are official. The Unified Credit Against Estate Tax provision says the basic exclusion…
UPDATE on Reporting by Almost All Companies
In an earlier edition of this newsletter, I told you about the Corporate Transparency Act and the requirement that almost all companies will have to file reports, beginning January 1, 2024, with the Financial Crimes Enforcement Network aka FinCEN, which is part of the Department of the Treasury (website is at fincen.gov). Basically, any organization…
January 2024 MUST Report – Almost All Companies
Beginning in 2024, almost all companies will have to start filing reports under the Corporate Transparency Act with the Financial Crimes Enforcement Network aka FinCEN, which is part of the Department of the Treasury (website is at fincen.gov). Basically, any organization which has to file something with the Secretary of State (or equivalent governmental office…
New Social Security “Wage Base”
Almost everyone has heard that the Social Security Administration announced an 8.7% increase in Social Security benefits for 2023. While it’s true that the cost of living adjustment will benefit more than 65 million Social Security beneficiaries, what has been seriously under-reported is the change in the Social Security “wage base.” In 2022, the wage…