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
Tag Archives: Federal gift tax
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
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
In Notice 2020-20, 2020-16 I.R.B. 660 (4/13/2020), the Internal Revenue Service has “amplified” Notice 2020-18, 2020-15 I.R.B. 590 (4/6/2020), to provide the same three month deferral for gift tax (and generation-skipping tax) returns and payments as was previously allowed for income tax returns and payments. The … Continue reading
[3/27/2020 Update: Notice 2020-20, 2020-16 I.R.B. 660 (4/13/2020), “amplifies” Notice 2020-18 and allows the same three month deferral for gift tax returns and gift tax payments that was provided by Notice 2020-18 for income tax returns and payments.] As explained in an earlier … Continue reading
The Internal Revenue Service has published final regulations on the changes to the federal estate and gift tax basic exclusion amount (BEA), which doubled from $5 million to $10 million in 2018, but will return to $5 million in 2026. … 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
[The following is the text of the comments (with some corrections for typographical errors) I have submitted to the Treasury Department on the proposed regulation that addresses changes in the federal estate tax exclusion amount under the tax reconciliation act … Continue reading