The 7520 rate for July 2018 will remain at 3.4%.
The July 2018 Applicable Federal Interest Rates can be found here.
Today, Congress passed a sweeping tax bill, as widely expected over the last few weeks. The bill passed solely along party lines, with no Democrats voting for the bill. President Trump is expected to sign the bill into law, shortly.
The changes in the transfer tax laws made by this bill are as follows:
Our colleagues in our Tax Advice and Controversy group have also summarized the proposed changes to individual, business, and international taxes in the new bill released on November 2 by the House Ways and Means Committee.
House Republicans released their new tax bill on November 2, 2017. As expected for such a significant proposal, the final bill, if passed, will likely look different. Nonetheless, the bill, in its current form, provides the base starting point from which the House GOP intends to negotiate, both within their party and without.
The changes in the tax bill related to transfer taxes are as follows:
Due to the devastation and upheaval caused by Hurricane Harvey, the Internal Revenue Service is providing extra time for certain individuals and businesses to file their returns and pay taxes. Among the relief provided is a new January 31, 2018 filing deadline for individual taxpayers who have valid extensions until October 16 and businesses which have extensions until September 15. According to IR-2017-135:
“The IRS is now offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance. Currently, 18 counties are eligible, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief.”
The IRS has set up a landing page to assist victims of Hurricane Harvey.
Update: The IRS has extended similar relief to victims of Hurricane Irma.
Congratulations to Kathleen Sherby of Bryan Cave’s Private Client Services team for her “Lifetime Achiever” recognition by Marquis Who’s Who:
“Supported by more than 40 years of professional experience, Ms. Sherby serves as a partner with Bryan Cave LLP, where she started in 1976 as an associate. In addition to her work with the firm, she lends her services to her community through the Saint Louis Science Center, where she has served on the board of trustees since 2010. Over the years, she has also worked with her community in various board positions for the Junior League in Saint Louis, the Bequest and Gift Council of Saint Louis University, the Clayton Education Foundation, and the bi-state chapter of the American Red Cross.”
Congratulations to the attorneys at Bryan Cave who made the 2018 “Best Lawyers in America” List, including the following members of our Private Client Services team:
Kimberly E. Civins (Atlanta)
William Linkous Jr. (Atlanta)
Renee M. Gabbard (Irvine)
Shannon K. Barks (Kansas City)
B. John Readey III (Kansas City)
Lawrence Brody (St. Louis)
Stephen B. Daiker (St. Louis)
John D. Schaperkotter (St. Louis)
Kathleen R. Sherby (St. Louis)
Douglas J. Stanley (St. Louis)
Shannon K. Barks of our Kansas City office was also recognized as a “Lawyer of the Year“.