Commencing in 2017, the December 2017 Tax Cuts and Jobs Act required U.S. persons to be taxed on accumulated profits, generally derived from
The December 2017 Tax Cuts and Jobs Act doubled the lifetime exclusion to $11.18M effective for 2018 to 2025, subject to inflation adjustments for subsequent years. The unified tax credit relating to the 2018 exclusion is $4,417,800. For 2019, the exclusion amount is expected to be $11.4M with a unified credit of $4,505,800.
After 2025, the foregoing may or may not be approved by Congress to be of…read more