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IRS opens tax pro accounts accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
He is also calling for the elimination of a decades-old loophole that allows individuals to inherit appreciated assets at market value with no taxes on the unrealized gain. This tactic is known as the step-up in basis at death. Biden proposes ending this basis step-up for gains in excess of $1 million for single taxpayers – $2.5 million for couples – and ensuring that gains are taxed if the property isn t donated to charity. Coupled with a bid to raise long-term capital gains rates to 39.6% from 20% for households making over $1 million, wealthy heirs could be in for a pile of taxes. But determining Uncle Sam s cut could be difficult for certain assets. That s because the basis – or the owner s original investment in the asset – could be hard to track. ....
Biden's Bid to Tax Inherited Assets Could Be a Documentation Nightmare for Wealthy Heirs nbcdfw.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcdfw.com Daily Mail and Mail on Sunday newspapers.
Biden plan would give IRS authority to regulate tax preparers accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
IRS sees delays in tax refunds and quarterly payments financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.