Oct-27-2020 - Rev. Proc. 2020-45 provides the 2021 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 $1,590,000 (item .51) and the 2021 basic exclusion amount is $11,700,000 (item .41).
Sep-11-2020 - In IR-2020-206 the IRS announced that it will temporarily accept digital signatures on 6 more forms that cannot be electronically filed, including Forms 706, 706-NA, and 709. All of the forms listed can be digitally signed if mailed by December 31, 2020.
Sep-04-2020 - TIGTA published a report, Sensitive Tax Records Could Not Always Be Located or Timely Provided, describing how paper tax returns and examination files cannot always be found, noting that Forms 706 and 709 cannot be filed electronically. Reference is made to IRS Document 12990, IRS Records Control Schedules (a 583-page PDF file). Item 156 provides that Forms 706 (and associated Forms 709) are retained for 75 years.
Apr-20-2020 - IRS is requesting comments regarding the section 6324A Special Lien for estate tax extended under a section 6166 election. Written comments should be received on or before June 19, 2020 to be assured of consideration. See federalregister.gov/d/2020-08203.
Apr-10-2020 - Notice 2020-23 provides Covid-19 filing extensions to July 15, 2020 for Forms 706 and section 6166 installment payments otherwise due on or after April 1, 2020 and before July 15, 2020, and other extension provisions.
Dec-03-2019 - Final regulations captioned Estate and Gift Taxes; Difference in the Basic Exclusion Amount (TD 9884), with a new entry for Reg. section 20.2010-1(c), were published on Nov-26-2019.
Nov-07-2019 - Rev. Proc. 2019-44 contains the following inflation-adjusted amounts for 2020: $11,580,000 unified credit (at item .41); $1,180,000 §2032A adjustment (at .42); $15,000 gift tax annual exclusion (at .43); and $1,570,000 as the §6601(j) 2% amount for purposes of section 6166 (at .51).