U.S. Estate Tax Considerations for Nonresident Aliens (NRAs)
Exemption For U.S. citizens and U.S. domiciliaries – the maximum estate tax rate is 40 percent with an exemption amount for 2021 of $11,700,000, indexed for inflation. For non-U.S. domiciliaries subject to the U.S. estate tax – the maximum estate tax rate is...
2021 Spending Bill – Tax Provisions (Part 2)
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “Act”) into law, which funds the government for 2021. Tax-related provisions include temporary and permanent extensions of expiring tax credits and provisions and a temporary...
2021 Spending Bill – COVID Provisions (Part 1)
On December 21, 2020, Congress released the Consolidated Appropriations Act, 2021 (the “Act”), which funds the government for 2021 and contains many tax-related provisions. If signed into law, the Act will be one of the largest spending measures ever passed by...
California Tax Update: New Hiring Credit for Small Businesses
This fall, California enacted (in SB 1447) a small business hiring credit for taxable years beginning on or after January 1, 2020 and before January 1, 2021 to assist taxpayers affected by COVID-19. The credit may be claimed against corporate and personal income...