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 ...
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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 ...
On July 8, 2022, the IRS issued Rev. Proc. 2022-32 that simplified the method for obtaining late relief for failure to timely make an estate tax portability election and extending the time for filing ...
One of the most overlooked and misunderstood tax laws – available to married farming couples – is an opportunity called portability. When one of the spouses dies, the surviving spouse can make a ...
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 13, 2020 – July 17, 2020. July 14, 2020: The IRS issued a news ...
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