IRS Form 706 is used to report the United States' estate- and generation-skipping transfer taxes. It is filed by the executor of an estate of a deceased U.S. citizen or resident in one of two ...
The Internal Revenue Service has recently released a draft of instructions for Form 706 concerning estates of decedents who died after Dec. 31, 2015. These draft instructions include reminders on ...
On July 8, 2022, the IRS issued Revenue Procedure 2022-32, which provides a simplified method for taxpayers to obtain an extension of time to make a portability election of a deceased spouse’s unused ...
The Internal Revenue Service recently updated its policy on electronic signatures in Internal Revenue Manual 10.10.1. That policy began during the COVID-19 pandemic and allowed for electronic ...
The IRS on Thursday posted the instructions for Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, for decedents dying in 2010. For most 2010 decedents, the due date is Sept ...
The IRS offers a significant opportunity for individuals to pass on substantial wealth without incurring federal estate taxes, thanks to a generous exemption threshold. In 2024, estates valued up to ...
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Are Funeral Expenses Tax Deductible?
Losing a loved one is hard enough — and the financial burden of a funeral makes things even more overwhelming. It’s only natural to wonder are funeral expenses tax deductible. The answer depends on ...
The Internal Revenue Code (the “Code”) contains over 150 civil tax penalties for various conduct and non-conduct. One common group of penalties, associated with the late filing of a tax return and the ...
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