May-27-2021 - IRS interest rates remain the same for the 3rd quarter of 2021, beginning July 1. See Revenue Ruling 2021-10.
May-21-2021 - The American College of Trust and Estate Counsel (ACTEC) submitted a Report with Recommendations to Revise IRC Section 6166 and to create a new Section 6166A. It addresses long-standing concerns of many practitioners and is well worth reading.
Apr-02-2021 - IRS TIGTA Interim Report 2021-IE-R002 describes a 134% increase through September 2020 in the number of IRS employees spending time teleworking because of the pandemic.
Mar-09-2021 - IRS posted Publication 5332 (Feb-2021), Estate Tax Returns Filed for Wealthy Decedents 2010 - 2019, a one-page summary of 2019 estate tax return filings by the top 5 states, top 5 states per 100,000 adult residents, portfolio composition of estates by 4 gross estate ranges, and a chart of estate tax return filings from 2010 - 2019. In 2019, "small businesses" constituted less than 10% of the assets for gross estates in excess of $10 million.
Dec-31-2020 - IRS published proposed regulations establishing a new user fee for requesting issuance of an Estate Tax Closing Letter (IRS Letter 627). The proposed user fee is $67. Written or electronic comments must be received by March 1, 2021.
Dec-28-2020 - The IRS announced in a Memorandum that it will temporarily accept digital signatures on certain forms that cannot be electronically filed, including Forms 706, 706-NA, and 709. All of the forms listed can be digitally signed if postmarked from January 1, 2021 through June 30, 2021.
Oct-27-2020 - Rev. Proc. 2020-45 provides the 2021 inflation-adjusted amounts for various Internal Revenue Code provisions. The section 6601(j) dollar amount for determining the "2-percent portion" of tax deferred under a section 6166 election is $1,590,000 (item .51) and the 2021 basic exclusion amount is $11,700,000 (item .41).