2021 Updates

Anonymous — Fri, 01 Jul 2022 17:51:27 +0000

2021 Updates

Anonymous (not verified) Fri, 07/01/2022 - 13:51

Q4

Dec 10 - IRS has extended its temporary authorization to use electronic signatures on estate and gift tax returns (among others) through Oct-31-2023.

Nov 24 - IRS interest rates remain the same for the first quarter of 2022 beginning January 1. See Revenue Ruling 2021-24.

Nov 16 - Rev. Proc. 2021-45 provides the 2022 inflation-adjusted amounts for various Internal Revenue Code provisions. The section 6601(j) dollar amount for determining the "2-percent portion" of tax deferred under a section 6166 election is $1,640,000 (item .51) and the 2022 basic exclusion amount is $12,060,000 (item .41).

Oct 19 - Footnote 1 in TD-9957 has been corrected to read "For an overview of the procedure applicable to a request for an estate tax closing letter before October 28, 2021, see part D of the Background and Explanation of Provisions of the proposed regulations." This correction is effective October 28,2021 and is applicable as of September 28, 2021.

Q3

Sep 28 - TD-9957 publishes final regulations establishing a $67 user fee for issuing estate tax closing letters, Letter 627. The effective date is October 28, 2021. This fee will also apply to estates that request additional closing letters for supplemental estate tax returns filed pursuant to Rev. Proc. 81-27. The public comments submitted in response to this proposed regulation can be found here.

Sep 26 - Our Table, Calculating the 2% Portion of Deferred Tax 1998 - 2022 , is updated with the projected figures for 2022. Total tax deferred at the 2% rate will be $656,000.

Aug 26 - IRS interest rates remain the same for the 4th quarter of 2021, beginning October 1. See Revenue Ruling 2021-17.

Q2

May 27 - IRS interest rates remain the same for the 3rd quarter of 2021, beginning July 1. See Revenue Ruling 2021-10. 2021-10.

May 21 - The American College of Trust and Estate Counsel (ACTEC) submitted a Report with Recommendations to Revise IRC Section 6166 and to create a new Section 6166A. It addresses long-standing concerns of many practitioners and is well worth reading.

Apr 2 - IRS TIGTA Interim Report 2021-IE-R002 describes a 134% increase through September 2020 in the number of IRS employees spending time teleworking because of the pandemic.

Q1

Mar 09 - IRS posted Publication 5332 , Feb 2021, Estate Tax Returns Filed for Wealthy Decedents 2010-2019, a one-page summary of 2019 estate tax return filings by the top 5 states, top 5 states per 100,000 adult residents, portfolio composition of estates by 4 gross estate ranges, and a chart of estate tax return filings from 2010 - 2019. In 2019, "small businesses" constituted less than 10% of the assets for gross estates in excess of $10 million

Mar 02 - IRS interest rates remain the same for the second quarter of 2021. See Revenue Ruling 2021-6. See Revenue Ruling 2021-6

Form 706

2021 Updates

Q4

Q3

Q2

Q1