Jun 3, 2022
In this episode:
- Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025.
- The IRS will increase interest rates at the end of Quarter 3 this year.
- Form 1023-EZ returns are being abused and overused for nonprofit organizations. Lawmakers are discussing rescinding.
- The proceeds from lawsuits from physical injuries may not be taxable.
- The IRS destroyed 30M paper filed returns.
We also tell the story of Billy McFarland and his Fyre Festival disaster.