The Internal Revenue Service has published a draft of Form 706, “United States Estate (and Generation-Skipping Transfer) Tax Return,” for decedents dying in 2025. There are a number of changes from the 2024 version of Form 706, some similar to … Continue reading
Tag Archives: Federal generation-skipping tax
The Internal Revenue Service has released Rev. Proc. 2022-38 with inflation adjustments for 2023 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The federal estate tax base applicable exclusion amount … Continue reading
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
Notice 2020-23, 2020-18 I.R.B. 748 (4/27/2020), defers the due dates for more federal tax returns and tax payments until July 15, as well as certain “time-sensitive actions.” The deferral applies to the tax returns and payments described below that are … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2019, it’s possible to calculate various inflation adjustments for 2020. The following are the significant federal estate planning numbers, with the numbers for 2019 shown in parentheses: The … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2018, it’s possible to calculate various inflation adjustments for 2019. The following are the significant federal estate planning numbers, with the numbers for 2018 shown in parentheses: The … Continue reading
The executor or administrator of a decedent’s estate is required to file the estate tax return for the estate (I.R.C. § 6018(a)) and is liable for the resulting tax (I.R.C. § 2002), and is required to file the decedent’s income...
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With the release of the Consumer Price Index for August 2017, it’s possible to calculate various inflation adjustments for 2018. The following are the significant federal estate planning numbers, with the numbers for 2017 shown in parentheses: The base applicable … Continue reading
With the release of the Consumer Price Index for August 2016, it’s possible to calculate various inflation adjustments for 2017. The following are the significant federal estate planning numbers: The base applicable exclusion amount (and generation-skipping tax exemption) will be … Continue reading
According to a report of the Joint Committee on Taxation, President Obama’s fiscal year 2016 budget includes the following measures affecting estates and trusts: Restore the estate, gift, and generation-skipping exclusions and rates in effect in 2009 (i.e., $3,500,000 estate … Continue reading