IRS Form 706 is used to report the United States' estate- and generation-skipping transfer taxes. It is filed by the executor of an estate of a deceased U.S. citizen or resident in one of two ...
On July 8, 2022, the IRS issued Revenue Procedure 2022-32, which provides a simplified method for taxpayers to obtain an extension of time to make a portability election of a deceased spouse’s unused ...
The Internal Revenue Service has recently released a draft of instructions for Form 706 concerning estates of decedents who died after Dec. 31, 2015. These draft instructions include reminders on ...
The American Taxpayer Relief Act that became law on Jan. 2, 2013, changed the landscape of when an estate tax return – and IRS Form 706 – needs to be filed. The $5 million estate tax exemption was ...
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Are Funeral Expenses Tax Deductible?
Losing a loved one is hard enough — and the financial burden of a funeral makes things even more overwhelming. It’s only natural to wonder are funeral expenses tax deductible. The answer depends on ...
The Internal Revenue Code (the “Code”) contains over 150 civil tax penalties for various conduct and non-conduct. One common group of penalties, associated with the late filing of a tax return and the ...
About this time last year I tried to help a reader whose question had no clear answer. Yesterday the Internal Revenue Service in effect addressed that question with a ruling that will make things ...
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