Official Inflation Adjustments for 2022

The Internal Revenue Service has released Rev. Proc. 2021-45 with inflation adjustments for 2022 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The base applicable exclusion amount (and generation-skipping tax … Continue reading

Official Inflation Adjustments for 2021

The Internal Revenue Service has released Rev. Proc. 2020-45 with inflation adjustments for 2021 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The base applicable exclusion amount … Continue reading

Low-Interest Estate Planning Strategies

The Internal Revenue Service has announced federal rates for the month of June that will be the lowest in the histories of sections 1274 and 7520 of the Internal Revenue Code (“IRC”). The §7520 rate, which is used to value...

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IRS Defers Due Dates for Time-Sensitive Actions

We previously reported that Notice 2020-23 defers until July 15, 2020, the filing certain tax returns and making tax payments, as well as the time for completing certain “time-sensitive actions,” that would otherwise be required on or after April 1, … Continue reading