Wyden Takes Aim at Life Insurance ‘Tax Shelter’
As the legislative session came to a close, outgoing Senate Finance Committee Chair Ron Wyden (D-OR) unveiled a draft proposal …
Key 2025 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …
Key 2024 Figures Calculated by Thomson Reuters Checkpoint Based on Inflation Data Now Available
Many tax, expensing, and penalty figures are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price …
Key Guidance to Watch for in IRS’ 2022-2023 Plan Year
The IRS has received many recommendations ahead of the release of its regulatory to-do list through summer 2023. The agency …
IRS Provides Simplified Method for Extending Portability Election
The IRS has released a procedure that provides a new, simplified method for obtaining an extension of time to make …
Proposed Regs Provide Guidance on Determining Estates’ Deductions
The IRS has issued proposed regs that provide guidance on the proper use of present-value principles in determining the amount …
Trust’s Asset Transfer to Third-Party Bank Account was Gift Made by Beneficiary
In Chief Counsel Advice, the IRS has ruled that a trust’s transfer of assets to a third-party bank account at …
Final Regs Under Sec. 2010 Protect Gifts made Before 2026
The IRS has released final regs that adopt the special rule provided in the proposed regs issued in November 2018 …
Prop regs would protect pre-2026 gifts from post-2025 drop in exclusion amount
Preamble to Prop Reg REG-106706-18; Prop Reg §20.2010-1, Prop Reg §20.2010-3; IR 2018-229, 11/20/2018 Proposed reg—Estate and Gift Taxes; Difference in the Basic …
Regs will clarify effect of suspension of miscellaneous itemized deductions on trusts and estates
Notice 2018-61, 2018-31 IRB In a Notice, IRS has announced that it intends to issue regs that clarify the effect …