IRS Procedure for Requesting Extension for Late 706

Posted on: February 12th, 2012
Beginning in January 1, 2011, the Internal Revenue Code provides for portability of the estate tax exemption between spouses. According to issued guidance so far from the IRS (Notice 2011-82 and IR-2011-97), ...

IRS Requests Comments on Trust Decanting

Posted on: December 20th, 2011
The IRS is requesting comments on the tax implications of trust "decanting," which refers to transfers by a trustee of all or a portion of the principal of an irrevocable trust to another irrevocable trust. ...

Democratic Proposals for Revenue Raising

Posted on: September 17th, 2011
The proposal from the White House includes: Income surcharge for high income earners – basically a 5% surtax on Adjusted Gross Income in excess of $500,000. Repeal high-income tax cuts in 2012 as opposed to 2013....

IRS Releases Draft 2010 Estate Tax Return Instructions

Posted on: August 24th, 2011
The IRS has released draft instructions for the 2010 Form 706, the U.S. Estate Tax Return. Executors of estates of decedents who died in 2010 between the estate tax, with a $5 million exemption and 35% rate, or the modified carryover basis rules. The modified carryover basis law does not institute a tax, but limits a step up in basis for property acquired from a decedent to $1.3 million, with another $3 million for property passing to a spouse. ...

IRS Eliminates Innocent Spouse Two Year Limitation

Posted on: August 5th, 2011
From IR-2011-80, issued on July 25, 2011: The IRS launched a thorough review of the equitable relief provisions of the innocent spouse program earlier this year. Policy and program changes with respect to that review will become fully operational in the fall and additional guidance will be forthcoming. However, with respect to expanding the availability of equitable relief:...

Act Now to Save GST Tax – Expires 12/31/10

Posted on: December 28th, 2010
On December 17, 2010 the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act), extending the Bush-era tax cuts. This new law creates a once-in-a-lifetime planning opportunity that ends at midnight, December 31, 2010....
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