In this first installment of an annual update on trust, estate, and gift taxation, the topics include estate tax closing letters, the basic exclusion amount, estate debts and expenses, and extending the time to elect portability.
Many questions remain with respect to the deductibility at the federal level of state income tax payments made by passthrough entities under new state tax regimes enacted to ameliorate the effect of the cap for individuals on the deduction of state and local taxes.
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
