The Internal Revenue Service has released Rev. Proc. 2018-18, 2018-10 I.R.B. 392 (3/5/2018), which modifies and supersedes certain sections of Rev. Proc. 2017-58, 2017-45 I.R.B. 489 (11/6/2017), to reflect changes made by P.L. 115-97 (originally titled and still popularly known as the “Tax Cuts and Jobs Act”). The new Revenue Procedure contains revised inflation adjustments to reflect the change to “chained CPI” for 2018, as well as the changes made by P.L. 115-97 to brackets and amounts that had been published in Rev. Proc. 2017-58.
As previously predicted, the unified estate and gift tax exclusion amount is $11,180,000 for 2018, but other gift and estate tax amounts will remain the same as original announced in Rev. Proc. 2017-58. (So for example, the annual gift tax exclusion is still $15,000 in 2018 despite the change to chained CPI.)
The previously published summary of P.L. 115-97 has been revised to reflect the publication of Rev. Proc. 2018-18.