Estate tax exemption

IRS proposes rules on estate and gift tax clawback

The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.

QTIP Election Permitted Together With Portability

The IRS will treat a QTIP election as valid in certain situations, including where an executor of an estate makes a portability election to transfer the decedent’s unused applicable exclusion amount.

Recent Developments in Estate Planning: Part II

This is the second in a two-part article examining developments in estate, gift, and generation-skipping transfer (GST) tax and compliance between June 2012 and May 2013. This part covers developments in estate tax and GST tax.

Form 706 and Instructions Provide Guidance on Portability Election

The IRS posted Form 706 and its final instructions, which provide guidance for electing the portability of a deceased spouse’s unused estate and gift tax exclusion amount and for the executor’s use of the check box to opt out of electing portability of the unused portion of the exclusion amount.

Newsletter Articles

50th ANNIVERSARY

50 years of The Tax Adviser

The January 2020 issue marks the 50th anniversary of The Tax Adviser, which was first published in January 1970. Over the coming year, we will be looking back at early issues of the magazine, highlighting interesting tidbits.

PRACTICE MANAGEMENT

2019 tax software survey

This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.