The Internal Revenue Service has announced that the two-year period for filing an estate tax return merely to elect portability has been extended to five years from date of death. Rev. Proc. 2022-32, 2022-30 IRB 101 (7/25/2022). In Rev. Proc. … Continue reading
Tag Archives: Federal estate tax
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
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2021, it’s possible to calculate various inflation adjustments for 2022. The following are the significant federal estate planning numbers, with the numbers for 2021 shown in parentheses: The … Continue reading
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
The article “Low-Interest Estate Planning Strategies” described several estate planning strategies that should be considered now that interest rates have reached record lows. One of the strategies that is described in the article is a private annuity. Webcalculators has been … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2020, it’s possible to calculate various inflation adjustments for 2021. The following are the significant federal estate planning numbers, with the numbers for 2020 shown in parentheses: The … Continue reading
As a further response to COVID-19, and in order to protect Internal Revenue Service employees, as well as taxpayers and their representatives, by minimizing the need for in-person contact, the IRS has added federal estate and gift tax returns, Forms … Continue reading
On Thursday, the Internal Revenue Service announced federal rates for the month of August under §§ 1274 and 7520 of the Internal Revenue Code (“IRC”) that will be lower than some of the previously record-low rates for June. The §7520 … Continue reading
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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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