Category: Estate Tax
6 August 2022 - 17:40, by , in Estate Tax, No comments
The IRS recently extended the time period for estates to elect portability of their deceased spouse’s unused estate tax exemption with Revenue Procedure 2022-32. Estates now have five years, instead of two, after the decedent’s date of death to make a portability election.  Portability allows a surviving spouse to claim the unused portion of their...
27 October 2021 - 16:22, by , in Estate Planning, Estate Tax, Tax Provisions, No comments
Build Back Better Act.  The House Democrats have proposed the Build Back Better Act that would contain the following tax provisions (subject to further change) Increase top individual income tax rate to 39.6% 3% surcharge on income greater than $5M Increase capital gains rate to 25% Limitation on 199A pass through income exemption Increase top...