A PMTA disagrees with a prior letter ruling.
Taxation of Estates & Trusts
State law treats heirs as unsecured creditors.
Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.
Married taxpayers have estate planning options others don’t.
New user fee is established by final regulations.
The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
A decedent's marriage is held valid based on the place-of-celebration rule.
The Tax Court partially upholds gift and estate tax deficiencies involving real estate LLC interests held by a family trust and includible in a decedent's estate.
The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
The full tax liability had been paid by the extended due date.
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
Grantor retained annuity trusts may be an optimal wealth-transfer vehicle for many.
The tax violated due process where the only connection to the state was beneficiaries' residence there, the Court states.
Estate planning should account for a client’s digital assets, which often have significant financial or sentimental value.
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
New basis-consistency requirements make defensible valuations even more important.