Reporting & Filing Requirements

Topics

June 7, 2024

Supreme Court: Insurance proceeds increase corporation’s estate tax value

In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.

May 1, 2024

The Sec. 645 election to treat a trust as part of the estate

A Sec. 645 election can streamline tax reporting and offer other tax advantages when a client with a living revocable trust dies. Read about the requirements for making a Sec. 645 election, the tax benefits of making the election, and how and when to make the election.

July 11, 2022

Estates can now request late portability election relief for 5 years

The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.

October 1, 2021

Penalty for failure to report distribution from foreign trust not reduced

The penalty for failure to report a distribution from a foreign trust is not reduced when the trust beneficiary is also the trust owner.

June 1, 2021

Planning with revocable trusts after the grantor’s death

This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.

March 25, 2021

Revocable trusts and the grantor’s death: Planning and pitfalls

This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.

October 1, 2020

Taxpayer allowed to challenge underlying liability in CDP hearing

A taxpayer did not have an opportunity to challenge a trust fund recovery penalty where he did not receive a letter that scheduled an Appeals conference.