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The Latest Breaking News from Tax Exemption

IRS Announces Notable Changes Coming For Filing Taxes

Notable adjustments include updates to long-term capital gains brackets, estate and gift tax exemption limits and eligibility criteria for the child tax credit.

International Business Times

Demand for England’s grammar schools falls – despite VAT on school fees

Ending tax exemption for private education has not led to influx at selective secondaries predicted by critics

The Guardian - UK

New Jersey Ends Sales Tax Break for EVs: What to Know

Discover alternative savings now that New Jersey is phasing out its sales tax exemption on EVs.

Kiplinger

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Changes to Estate Tax Are Coming... Six Options Congress Could Take

An important estate tax change is looming. Here are six ways that Congress might address estate taxes in 2025.

Kiplinger

Five Considerations About Municipal Bonds if Tax Cuts Sunset

Tax rates are set to revert to 2017 levels after 2025, so now is the time to revisit your muni strategy and plan for optimized portfolio adjustments.

Kiplinger

Gift and Estate Tax vs Capital Gains Tax: Which Is Less?

Capital gains tax rates might be lower than the gift and estate tax rate, but how you handle your estate and whether you use a trust can make a big difference in taxes owed.

Kiplinger

Estate Planning Strategies to Consider as Election Nears

Are big changes in tax laws coming soon? Not likely, but you might want to take advantage of higher estate and gift tax exemptions well before the end of 2025.

Kiplinger

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Luxury ute tax loophole costs Australians $250m a year, researchers say

The Australia Institute says tax exemption on ‘commercial vehicles’ with no testing requirement is incentivising people to buy utes instead of EVs

The Guardian - AU

Churches don’t pay taxes. Should they?

From his office at St. James the Apostle, a 160-year-old Anglican church in downtown Montréal, Rev. Graham Singh is telling us about taxes. “Churches don’t like to talk about wealth. They almost pretend as though they’re poor.” In fact, as he points out, Christian churches in North America are the…

The Conversation

Automatic transmission cars owned by persons with disabilities entitled to tax exemption: Madras High Court

Madras High Court overturns decision denying tax exemption for automatic transmission car to physically challenged owner.

The Hindu

Can Nonprofits That Help Organize Protests Lose Their Tax Exemptions?

Not because of the viewpoints they express—but yes if they engage in systematic illegal conduct.

Reason

House Democrat Proposes Tax Exemption For Black Americans As Reparations

Rep. Jasmine Crockett's proposal for tax exemption as reparations for Black Americans sparks discussions on racial justice and equity.

Top News

Georgia voters will decide on two property tax exemption measures and three constitutional amendments in November

The Georgia State Legislature ended its 2024 legislative session on March 29, having placed five measures on the ballot for the general election on Nov. 5, 2024. Three measures are constitutional amendments, and two are property tax exemptions.

Ballotpedia

Georgia voters to decide on measure increasing personal property tax exemption from $7,500 to $20,000

The Georgia State Legislature passed a bill that would increase the personal property tax exemption from $7,500 to $20,000. The increase requires voter approval at the general election in Nov. 2024.

Ballotpedia

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The Hindu

Chola-era inscriptions found at Rachandar Thirumalai temple near Tiruchi

Chola-period inscriptions found at Viraiachilai Andavar Temple in Tiruchi reveal tax exemptions and land records.

Kiplinger

Wealth Transfer and Strategic Gifting Opportunities for 2024

Inflation adjustments to the gift and estate tax exemptions, along with the pending sunset of some tax cuts, make 2024 the year to dig into transfer strategies.

The Hindu

Delhi High Court sets aside CIC order to disclose tax exemptions sought by Ayodhya Ram temple trust

The Delhi HC set aside an order that directed the Central Board of Direct Taxes to provide information related to tax exemptions/ deductions sought by the trust, which manages the Ram Temple in Ayodhya

Ballotpedia

Virginia voters will decide on amendment related to property tax exemptions for veterans and surviving spouses in 2024

In Virginia, a constitutional amendment that would change language regarding property tax exemptions for veterans and surviving spouses will appear on the ballot in Nov.

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The Hindu

No change to direct and indirect tax rates: Finance Minister in Budget Speech

Income Tax Budget 2024: FM Nirmala Sitharaman proposes to retain tax rates, withdraw outstanding tax demands, and extend tax exemptions in her interim budget speech.

The Guardian - UK

Anger at Fifa for its Women’s World Cup tax exemption when players had to pay

Fifa has been heavily criticised for negotiating a tax exemption for the tournament when players in Australia paid 32.5% of their match fee income

Kiplinger

How to Prepare for Upcoming Estate Tax Law Changes

High-net-worth families have time to take advantage of higher estate and gift tax exemptions before they’re significantly reduced if provisions of the Tax Cuts and Job Act are allowed to sunset.

Kiplinger

What's the 2024 Estate Tax Exemption?

The estate tax exemption amount increased for 2024. Will your heirs escape a tax bill?

Newslaundry

I-T dept revokes tax exemption status of 4 NGOs, letters to two mention protests against Adani

The Income Tax department has revoked the tax exemption status of four non-government organisations – Oxfam India, CARE India, Legal Initiative for Forest and Environment, and Environics Trust, Newslaundry learned from sources and top officials linked to these organisations. The tax exemption was reportedly revoked about two weeks ago.

Newslaundry

Over Rs 22 cr foreign funds under freeze after MHA action, confident of legal relief: CPR

More than Rs 22 crore in foreign funds has been “under freeze” at the Centre for Policy Research, according to the Delhi-based think tank’s latest annual report. The freeze emanates from the suspension of CPR’s Foreign Contribution Regulation Act licence by the Union Ministry of Home Affairs in February this…

Kiplinger

Take Advantage of the Lifetime Estate and Gift Tax Exemption While You Still Can: Kiplinger Tax Letter

And while you’re at it, check out whether you live in a state with an estate or inheritance tax.

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