The 7520 rate for January 2019 has decreased to 3.4%.
The January 2019 Applicable Federal Interest Rates can be found here.
Estate tax transcripts can now be accessed online through the IRS website.
“The ability to access those transcripts online is a significant milestone in the Internal Revenue Service’s effort to reduce the number of estate tax closing letter requests and lessen its workload,” said Catherine Hughes, of the Treasury Department’s Office of Tax Policy.
Before June 1, 2015, the IRS issued an estate tax closing letter for every estate tax return filed. For returns filed on or after that date, the IRS issues a closing letter only at the request of the estate.
In Notice 2017-12, issued in January 2017, the IRS stated that in lieu of closing letters, executors, local probate courts, state tax departments, and others can request an account transcript—a computer-generated report that includes the date on which the
Bryan Cave LLP has once again been recognized as a U.S. News – Best Lawyers® “Best Law Firms” National Tier 1 ranked firm for its work in Trusts & Estates. Awards are determined using several criteria, including: client evaluations, peer attorney feedback, and, notably, managing partners and practice area chairs’ reviews. Congrats to the Bryan Cave Private Client Group!
Chambers & Partners has recognized London Partner, Dyke Arboneaux, in the Chambers Global 2018 guide.
Arboneaux is ranked globally in Band 3 for her international private client work. She also is recognized as a foreign expert based in the UK for her work in the USA Tax section of the guide. The publication notes that one source praised Arboneaux’s “broad expertise and experience.”
For more information about Chambers and Partners, visit their website at www.chambersandpartners.com.
The Department of the Treasury has withdrawn the controversial proposed regulations for Section 2704 of the Code. Section 2704 limits valuation discounts in family-controlled entities for certain lapsing rights and restrictions. The proposed Regulations would have expanded the scope of Section 2704 by adding a new classification of disregarded restrictions and by narrowing several longstanding exceptions. Comments submitted after the regulations were proposed complained that the requirements were unclear and that the impact on state law was difficult to predict. On October 2, 2017, the Department of the Treasury submitted a report recommending that the proposed 2704 Regulations be rescinded and today the proposed Regulations were officially withdrawn by notice published in the Federal Register (82 FR 48779).