Nov-30-2022 - IRS interest rates increase for the first quarter of 2023 beginning January 1. The regular non-corporate underpayment and overpayment interest rates will be 7%. See Revenue Ruling 2022-23.
Nov-16-2022 - The IRS is soliciting comments concerning Form 4768, Application for Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes. Written comments must be received on or before January 17, 2023 to be assured of consideration.
Oct-18-2022 - IRS announced the 2023 inflation factors in Revenue Procedure 2022-38. The 2023 basic exclusion amount for determining the amount of unified credit is $12,920,000, and the "2-percent portion" under section 6601(j) is $1,750,000. The amount of tax deferred at the 2% rate is $700,000.
Aug-18-2022 - IRS interest rates increase for the fourth quarter of 2022 beginning October 1. The regular non-corporate underpayment and overpayment interest rates will be 6%. See Revenue Ruling 2022-15.
Jun-28-2022 - IRS has proposed amendments to the Estate Tax Regulations for deductions under section 2053 [IRS-Reg-130975-08]. Among other proposed amendments, the allowable deductions for interest accrued more than 3 years after a decedent's date of death will be reduced to their "present values." This will impact certain section 6166 elections. Comments must be received by Sep-26-2022 to be considered.
May-20-2022 - IRS interest rates increase for the third quarter of 2022 beginning July 1. The regular non-corporate underpayment and overpayment interest rates will be 5%. See Revenue Ruling 2022-11.
May-04-2022 - IRS has proposed a rule regarding the anti-clawback provisions of Regulation 20.2010-1(c)(3) et seq. Written comments must be received by July 26, 2022.
Mar-28-2022 - The United States Tax Court has proposed amendments to its Rules of Practice and Procedure. Public Comments must be received by the Tax Court by May 25, 2022. Section 6166 Declaratory Judgment matters are covered in the Proposed Amendment to Rule 210 - Declaratory Judgment Actions (at page 103) - and in the Proposed Amendment to Rule 217 - Disposition of Actions for Declaratory Judgment (at page 110).