As an estate and trust attorney who has been practicing for over 20 years, I never lose sight of the difficulty we all face when losing a loved one. Often when I meet a client, sometimes for the very first time, the initial words out of my mouth are “I am so very truly sorry
Tishya M. Signorelli
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COVID-19 Alert – IRS Provides Further Relief to Taxpayers
By Tishya M. Signorelli & David J. Choyne on
Posted in Tax
On April 9, 2020, the IRS updated its guidance originally provided in Notice 2020-18, Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, to provide extension relief to taxpayers in response to the coronavirus emergency. In addition to the prior extension of time for the filing and payments with respect to federal income…
2020 Estate and Gift Tax Update
By Gary A. Phillips & Tishya M. Signorelli on
Posted in Estate Tax, Federal Gift, Estate and GST Tax
On November 6, the IRS announced the official estate and gift exclusion amounts for 2020 in Revenue Procedure 2019-44.
For an estate of any decedent dying during calendar year 2020, the applicable exclusion is increased from $11.4 million to $11.58 million. This change increases not only the applicable exclusion amount available at death, but also…
2017/2018 Estate and Gift Tax Update
By Gary A. Phillips & Tishya M. Signorelli on
Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2018. Note that these are not the official figures to be released by the IRS, but should be used as a guide. The IRS will officially release the numbers later this year.
For an estate of any decedent dying…
IRS Simplifies Ability to Obtain Late Portability Election Relief
By Tishya M. Signorelli on
On June 9, 2017, the Internal Revenue Service issued Revenue Procedure 2017-34, which is effective immediately and provides a simplified method to obtain permission for an extension of time under Reg. 301.9100-3 to file Form 706 (Federal Estate Tax Return) and elect portability without the need to apply for a private letter ruling and pay…