The Internal Revenue Service has announced inflation adjustments to exemptions and exclusions for estate, gift and generation-skipping transfer taxes for tax year 2023. For gifts made in 2023 and for estates of decedents who die in 2023, the estate tax, gift tax and generation-skipping transfer tax exemption amount is $12,920,000 (or $25,840,000 for a married […]
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The Internal Revenue Service has issued exemption and exclusion inflation adjustments for tax year 2022. For estate, gift and generation-skipping transfer taxes, adjusted exemptions and exclusions are as follows: For gifts made in 2022 and for estates of decedents who die during 2022, the new estate tax, gift tax and generation-skipping transfer tax exemption amount
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ALERT March 27, 2020: The IRS has announced in Notice 2020-20 dated March 27, 2020 that the deadlines for filing all 2019 federal gift tax returns and for paying taxes due under those returns has been extended to July 15, 2020. Associated interest, additions to tax, and penalties for late filing or late payment will
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Treasury and the IRS announced recently that the filing deadline for 2019 income tax returns is extended for individual taxpayers until July 15, 2020. THIS FILING RELIEF DOES NOT APPLY TO 2019 GIFT TAX RETURNS, WHICH ARE STILL DUE ON APRIL 15, 2020. Any filing extension for 2019 gift tax returns must be requested by
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