IRS Proposed Limits to Certain Gift’s Preferential Treatment Under the Tax Cuts and Jobs Act

written by Arturo Meza, Foreign Associate at CK Tax Services LLC Background The US federal government levies three types of taxes on transfers of wealth: an estate tax on the value of assets transferred to other individuals when a person dies; a gift tax on the value of gifts that a person gives to others […]

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Tax Court Rules Foreign Tax Credit Cannot Offset NIIT

written by Gina Lee, Senior Associate at CK Tax Services LLC Net Investment Income Tax (“NIIT”) went into effect on January 1, 2013.  NIIT is a 3.8% tax on investment income such as capital gains, dividends, and rental property income, imposed on a portion of your modified adjusted gross income (MAGI) over certain thresholds.  NIIT is an […]

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