I have been asked if there appear to be any changes in federal transfer taxes, whether gift taxes, estate taxes or generation-skipping transfer taxes.The direct answer is “no” but, indirectly, with the additional funding for the Internal Revenue Service, it’s likely that enforcement including audits of estate and gift tax returns will increase.
Bloomberg Tax Services, in their Checkpoint publications, prepared a summary of the Inflation Reduction Act as it came out of the Senate. Most of you already know that the big items are:
*a 15% corporate alternative minimum tax;
*a 1% excise tax on stock buybacks; and
*numerous environmental and green energy tax credits.
If you would like a copy of the summary, please send an email to me and I will forward it to you.