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Gift Tax Final Rules

BCLP

IRS Issues Final Regulations Quashing Taxpayer Fears of Clawback on Gifts

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The Treasury Department issued final regulations, citing the Tax Cuts and Jobs Act (TCJA), on  November 26, 2019 (Treasury Decision 9884) confirming that taxpayers will not be subject to “clawback” of the value of their...more

Goulston & Storrs PC

Estate Tax Regulations Allow Taxpayers to Request Late Portability Relief

Goulston & Storrs PC on

The IRS released new final estate and gift tax regulations that include guidance on taxpayers seeking so-called “portability” elections to carry over the lifetime exclusion from the first spouse to die to the second spouse.  ...more

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