News & Analysis as of

Estate Tax Internal Revenue Service Executors

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.
Rivkin Radler LLP

Disclaiming to Save Taxes

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It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...more

Lerch, Early & Brewer

IRS Levy Allowed on Classic Italian Cello to Satisfy Outstanding Estate Tax Liabilities

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United States v. Firestone - In United States v. Firestone, the United States (Government or U.S.) sought to enforce a judgment against Defendant Omar Firestone (Omar) for outstanding tax liabilities related to the Estate of...more

Schwabe, Williamson & Wyatt PC

When to Tune Up Your Estate Plan

Life is not stagnant; situations change and evolve. Your estate plan should reflect your current status and expected future status and desires. There are many life changes and developments that might warrant an update, which...more

White and Williams LLP

Personal Representatives and Fiduciaries: Executors, Administrators and Trustees and Their Duties

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The death of a loved one or close friend is a traumatic experience. In addition to the emotional anguish, those who are charged with dealing with the decedent’s personal and financial affairs following death are often left...more

Proskauer Rose LLP

Wealth Management Update - December 2016

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December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Goulston & Storrs PC

New Basis Reporting Requirements for Executors and Beneficiaries

Goulston & Storrs PC on

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

Tucker Arensberg, P.C.

Fiduciary Alert: IRS Again Extends Time for Consistent Basis Reporting via Form 8971 until June 30, 2016

Tucker Arensberg, P.C. on

Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more

Williams Mullen

Consistent Basis Reporting Update: Treasury Issues Proposed Rules on Portability Returns, Final Values, and After-Discovered...

Williams Mullen on

On March 4, 2016, the U.S. Department of the Treasury released both temporary and proposed regulations (the “Proposed Regulations”) on the consistent basis and reporting requirements between a decedent’s estate and persons...more

Williams Mullen

IRS Notice 2016-19 Delays Due Date of Form 8971

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The IRS has once again delayed the due date for any statements required under §6035(a)(3)(A) of the Code. Under Notice 2016-19, dated February 11, 2016 (the “Notice”), executors and other persons who must file or furnish a...more

Bryan Cave Leighton Paisner

IRS Postpones Filing Deadline for New Basis Reporting Requirements Again

As part of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, signed into law by President Obama on July 31, 2015, Sections 1014(f) and 6035 were enacted. Section 1014(f) provides rules...more

Proskauer Rose LLP

Wealth Management Update - February 2016

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February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Manatt, Phelps & Phillips, LLP

New Basis Reporting Requirements for Executors and Others Who File Estate Tax Returns

Statutes imposing new reporting requirements on executors and others who file estate tax returns were tacked onto a transportation and veteran's healthcare bill passed by Congress and signed into law last July. The new...more

Partridge Snow & Hahn LLP

New Federal Tax Legislation Impacts Executors AND Beneficiaries

This summer, new federal legislation was enacted which requires executors of decedents' estates to file information statements with the Internal Revenue Service ("IRS") as well as with estate beneficiaries, or face penalties....more

Williams Mullen

Account Transcript May Serve As Estate Tax Closing Letter

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An estate tax closing letter is meant to evidence that the IRS has accepted the filing of an estate tax return and that the federal tax liabilities are satisfied, allowing the executor of the estate to close out the estate...more

Proskauer Rose LLP

Wealth Management Update - October 2015

Proskauer Rose LLP on

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Proskauer Rose LLP

Wealth Management Update - September 2015

Proskauer Rose LLP on

September Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The September § 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

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