President Signs Omnibus Bill; Including Secure 2.0 Act of 2022
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For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.
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President Signs Scaled Back Reconciliation Bill Into Law
On August 16, 2022, President Joe Biden signed the Inflation Reduction Act of
2022 into law. The bill was passed by Congress after a 220-207 vote in the House
on August 12, 2022.
The federal estate top tax rate is 40%. The Federal estate tax exemption was $12,060,000 for 2022. The exemption for 2023 is $12,920,000. The annual gift exclusion was $16,000 in 2022 and $17,000 in 2023.
The NYS estate basic exclusion amount was $6,110,000 for deaths in 2022. The exemption for 2023 is $6,580,000. The top tax rate is 16%.
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We were notified by the Peer Review Committee Reporting
Acceptance Body that our most recent triennial peer review report with a pass rating was
accepted. A "pass" rating is the highest form of rating a CPA firm can receive.
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On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021
into law.
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