Deadlines
The Tax filing deadline for 2024 Partnership/S-Corp tax returns.
What is March 17, 2025?
Established and funded by the due date of the employer's tax return or extension request date
What are SEP IRAs?
The 60% AGI Limit.
What are cash gifts to public charity or donor advised fund?
These trust generally do NOT get a step up since they are not a part of the deceased estate. The exception is if they were for some reason pulled back into the estate (very rare).
What are Irrevocable Trusts?
This can arise if you participate in a 401(k), ESOP or other qualified retirement plan that allows you to invest in your employer’s stock.
What is Net Unrealized Appreciation (NUA)?
The tax filing deadline for 2024 individual income tax returns.
What is April 15, 2025?
Must be established by existing employers by October 1
What are SIMPLE IRAs?
These have the rules of if you donate LT appreciated property, you would use a 20% AGI limit, deduct FMV.
What are gifts of stock to a private foundation?
This kind of property is always long-term regardless of the holding period.
What is inherited property?
This occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you:
1. Buy substantially identical stock or securities,
2. Acquire substantially identical stock or securities in a fully taxable trade,
3. Acquire a contract or option to buy substantially identical stock or securities, or
4. Acquire substantially identical stock for your individual retirement arrangement (IRA) or Roth IRA.
What are wash sales?
The traditional and Roth IRA contribution deadline for 2024.
What is April 15, 2025?
•Pre tax or Roth employee elective deferrals $23,000
•Catch up contributions for age 50 and older - $7,500
•Max. Contribution to a DC plan as per IRS 415(b)(1)(A) $69,000
What are traditional 401(k)s, 403(b)s, and 457(b) plan limits for 2024?
•Churches
•Educational organizations
•Hospitals
•Medical research organizations
What are the 60% limit organizations?
•The estate must be subject to federal estate tax
•The use of the alternate date must reduce the value of the gross estate and the amount of federal estate tax due
What is alternate valuation date (AVD)?
This 3.8% tax imposed on high income taxpayers who have investment income.
What is the net investment income tax (NIIT)?
The extension deadline for 2024 individual tax returns.
What is October 15, 2025?
They have a contribution limit of $7,000 and a catch up of $1,000 for 2024.
What are traditional and Roth IRAs?
These are deemed to be complete for federal gift and estate tax purposes when the check is deposited, cashed against available funds of the donee, or presented for payment in the calendar year for which favorable gift tax treatment is sought.
What are Non-Charitable Gifts?
Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.
What are community property states?
The tax rates of 0%, 15%, 20%.
What are long-term capital gains and qualified dividends tax rates?
The extension deadlines for Partnership/S-Corp tax returns for 2024.
What is September 15, 2025?
These plans either match employee contributions 100% of first 3% of compensation (can be reduced to as low as 1% in any 2 out of 5 yrs.); or Nonelective contributions - contribute 2% of each eligible employee’s compensation
What are SIMPLE IRAs?
A _____ that is mailed to a charity is considered delivered on the date you mail it.
What is a check?
Opening a joint account with a parent and a child.
What is not making a taxable gift?
•Separation of service (if you are an employee)
•You reach age 59 ½
•Disability (if you are self-employed)
•Death
What are NUA triggering events?