The 7520 rate for December 2019 remained at 2%.
The December 2019 Applicable Federal Interest Rates can be found here.
Congratulations to Stephanie Moll for her election to the position of treasurer of STEP USA! Stephanie is a partner in the private client group of Bryan Cave Leighton Paisner and supports primarily the Denver, Boulder, and St. Louis offices. Her practice focuses on estate planning and administration, particularly wealth transfer tax planning.
STEP USA is the U.S. division of the Society of Trusts and Estates Practitioners, a global organization whose primary purpose is to improve public understanding of the issues families face in relation to inheritance and succession planning and promote education and high professional standards among its members. STEP USA includes 18 different local branches and chapters around the country.
The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person.
An EIN is the tax identification number assigned to entities such as trusts, estates, retirement plans, LLCs, partnerships, and corporations. An entity obtains such a number by completing the IRS Form SS-4 or an online application. One question in the application process asks the applicant to identify the “responsible party,” which the IRS defines as “the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity.” In deciding who to list as the responsible party, the IRS encourages applicants to consider whether the party has “a level of control over,
As of June 30, 2019, estate tax returns (Forms 706) filed using the United States Postal Service are to be sent to:
Department of the Treasury Internal Revenue Service Center Kansas City, MO 64999
However, Forms 706 filed using an approved private delivery service are to be sent to:
Internal Revenue Service 333 W. Pershing Road Kansas City, MO 64108
The same filing addresses also already apply to gift tax returns (Forms 709), effective as of January 1, 2019.
Douglas Stanley, Shannon Barks, and Kathleen Sherby of Bryan Cave Leighton Paisner were all recognized as Best Lawyers in America© for Trusts and Estates Litigation. Congratulations!
The Best Lawyers in America© is the oldest lawyer-rating publication in the U.S., and inclusion in Best Lawyers is based entirely on peer-review.