Oct-19-2021 - 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.
Sep-28-2021 - 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.
Aug-26-2021 - IRS interest rates remain the same for the 4th quarter of 2021, beginning October 1. See Revenue Ruling 2021-17.
May-27-2021 - IRS interest rates remain the same for the 3rd quarter of 2021, beginning July 1. See Revenue Ruling 2021-10.
May-21-2021 - 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-02-2021 - 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.
Mar-09-2021 - 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.
Dec-31-2020 - IRS published proposed regulations establishing a new user fee for requesting issuance of an Estate Tax Closing Letter (IRS Letter 627). The proposed user fee is $67. Written or electronic comments must be received by March 1, 2021.
Dec-28-2020 - The IRS announced in a Memorandum that it will temporarily accept digital signatures on certain forms that cannot be electronically filed, including Forms 706, 706-NA, and 709. All of the forms listed can be digitally signed if postmarked from January 1, 2021 through June 30, 2021.