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 IRS offers a significant opportunity for individuals to pass on substantial wealth without incurring federal estate taxes ...

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 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 ...

One of the most overlooked and misunderstood tax laws – available to married farming couples – is an opportunity called portability. When one of the spouses dies, the surviving spouse can make a ...

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 ...