IRS Announces Late Portability Election Relief for Eligible Estates

IRS Announces Automatic Late Portability Election Relief for Eligible Estates

On June 9, 2017 the Internal Revenue Service (the “IRS”) published Revenue Procedure 2017-34 (“Rev. Proc. 2017-34”) to announce a new simplified procedure for particular estates to obtain an extension of time to file a federal estate tax return and make a “late” portability election. First introduced into federal law […] Read more »

The Ship May Not Have Sailed: It May Not be Too Late to Make a Portability Election

Recently, the Internal Revenue Service provided estate representatives and their advisors additional time to revisit and reconsider making a “portability” election for Decedents passing away in 2011, 2012 and 2013 opening up additional post-mortem planning opportunities. The concept of “portability” was introduced in December of 2010 under the Tax Relief, […] Read more »