ACT NOW: PREPARING LARGE ESTATES FOR TCJA SUNSET

June 8, 2024

There are some important upcoming changes that might affect your financial planning. There's a big shift happening regarding estate and gift taxes, and it's something that needs to be considered sooner rather than later. 


Starting in 2026, there will be a significant decrease in the estate and gift tax basic exclusion, essentially cutting it in half. This means that if you're thinking about transferring ownership of your assets, now might be the time to do it. 


While some are hoping Congress will extend the doubled exclusion, realistically, this might not happen. Waiting until the last minute could leave you scrambling, both mentally and legally. Setting up trusts and transferring assets takes time, and affected clients will want to avoid any last-minute rush. 


Currently, the exclusion stands at $13,610,000, but after January 1, 2026, it drops to around $7 million. That's a significant change that could affect your estate planning and potential tax liabilities. By taking action now, you could potentially save a substantial amount in estate taxes.


When we talk about transferring assets, it's essential to understand the implications. Transferring assets during your lifetime means the recipient inherits your basis, while holding onto them until death allows for a basis step-up for your heirs. This difference could influence your decision-making process. 

At Stevans & Associates, we want to make sure you have all the information you need to make these decisions. That's why it's crucial to start planning now and not wait until the last minute. Let's work together to evaluate your  estate planning situation and determine the best course of action for you and your family. 

 

Please get in touch with a tax planner at our office to discuss the best options for your situation: (412)875-5719

Many other tax laws are anticipated to change after December 31, 2025 that may affect you.  We will highlight each of these changes in future articles.



Federal IRS Electronic Payment Requirement

September 16, 2025
With the March 25, 2025, signing of Executive Order 14247 — Modernizing Payments to and From America’s Bank Account — the federal government is initiating a sweeping modernization of its financial operations. Effective September 30, 2025, all payments made to or from the Federal IRS must be processed electronically , marking a significant shift toward greater efficiency, enhanced security, and alignment with contemporary financial standards. What does this mean for you? Beginning September 30, 2025 , paper checks will no longer be issued for federal tax refunds or payments. Additionally, all payments must be made electronically using approved methods such as: Direct deposit Debit or credit cards Digital wallets EFTPS (Electronic Federal Tax Payment System) Treasury-approved prepaid debit cards (where applicable) Stevans & Associates, PLLC, utilizes and recommends that your tax returns are delivered via SafeSend Returns. Within your SafeSend Return, you will be provided with a link to make any payments electronically via the Federal and/or State authority's website. If you have previously received your tax returns via paper, we recommend that you discuss with us to receive your tax return via SafeSend Returns. To comply with these changes and avoid processing delays, please ensure your banking information is up to date and that you are prepared to make or receive payments electronically. If you have any questions or need help preparing for this transition, our team is here to assist you.

SafeSend Gather vs. SafeSend Client Portal: What's the Difference?

January 21, 2025
SafeSend Gather and SafeSend Client Portal are components within the SafeSend One™ platform, each designed to streamline different aspects of the tax preparation and client interaction process. SafeSend Gather focuses on automating the initial phase of tax preparation by simplifying the collection of necessary documents and information from clients. Leveraging advanced artificial intelligence, it automatically generates document request lists, identifies and categorizes uploaded documents, and provides real-time visibility into document completion status. This ensures a frictionless document gathering process for both firms and clients. SafeSend Client Portal , on the other hand, is designed to enhance the overall client experience by providing a centralized dashboard for managing all tasks and documents throughout the tax lifecycle. It offers features such as a downloadable, sortable, and searchable repository of all documents exchanged between client and firm, a simple actionable to-do list, comprehensive notifications for important deadlines, a unified K-1 distribution page, and a centralized location to view and pay estimated or actual tax payment vouchers. This portal empowers clients to have greater independence and control over their tax journey. In summary, while SafeSend Gather streamlines the document collection process at the beginning of the tax preparation, SafeSend Client Portal provides an ongoing, centralized platform for clients to manage their tax-related tasks and documents throughout the entire tax lifecycle. Please reach out to our office if you have any questions about the SafeSend platform and it's features. CLICK or CALL . Source: SafeSend Learn

SafeSend Client Portal User Guide: Simplify Tax Document Management

January 6, 2025
Managing tax documents doesn’t have to be overwhelming. With the SafeSend Client Portal , you gain a secure, convenient, and efficient way to store, access, and share your tax documents anytime, anywhere. This cutting-edge platform is designed with your ease and security in mind, ensuring that your tax preparation process is smooth and stress-free. Benefits of the SafeSend Client Portal Secure Access to Your Documents The SafeSend Client Portal employs advanced encryption and security protocols to protect your sensitive financial information. You can confidently upload, store, and retrieve your tax documents without worrying about data breaches. 24/7 Availability With the portal, your documents are available at your fingertips, whether you’re at home, at work, or on the go. No need to hunt through paperwork—everything is digitally organized in one place. Streamlined Communication The portal allows you to securely share documents with our office and receive important updates or requests. This eliminates the need for back-and-forth emails or physical mail, saving you time and hassle. Environmentally Friendly By using a digital portal, you’re reducing paper waste and contributing to a more sustainable future. User-Friendly Design SafeSend’s intuitive interface makes it easy to navigate, even if you’re not tech-savvy. Step-by-Step Guide to Setting Up Your SafeSend Client Portal Receive the Invitation You’ll receive an email with a link to set up your SafeSend Client Portal. The email will include a secure invitation link that is unique to you. Create Your Account Click the invitation link and follow the prompts to create your account. You’ll need to set up a username and password and provide some basic information to verify your identity. Be sure to hit 'Sign Up' under the login screen before trying to log into an account. Verify Your Identity For added security, the portal may send a verification code to your email or phone. Enter this code to complete the setup process. Log In Once your account is set up, log in using your new credentials. Bookmark the login page for easy access in the future. Explore the Portal Take a moment to familiarize yourself with the portal. You’ll find sections for uploading documents, viewing files, and communicating with our team. Upload Your Documents Use the upload feature to submit your tax documents. You can drag and drop files or select them manually from your device. Accepted file types include PDFs, images, and spreadsheets. Monitor Progress The portal allows you to track the status of your submissions and see any additional requests from our team. You’ll receive notifications when updates are made. Access Your Completed Tax Return Once your return is complete, you can securely download a copy directly from the portal. All files are stored for your convenience and future reference. Still struggling to set up a client portal? Here is, a direct from SafeSend, step by step guide for 1st time portal setup/access: Client Portal Experience – SafeSend Returns Start Using SafeSend Client Portal Today The SafeSend Client Portal is a powerful tool designed to make your tax preparation experience smoother and more efficient. If you have questions about setting up or using the portal, our team is here to assist you every step of the way. Contact us today to get started and take the first step toward a more organized and stress-free tax season!