The Internal Revenue Service (IRS) needs to make improvements in the classification, prioritization, and inventory assignment processes for the Estate and Gift Tax Return Examination Program, according to an audit report that the Treasury Inspector General for Tax Administration (TIGTA) issued today.
Tag Archive for Estate
Tax Code Changes Create Challenges
How do you work and coordinate with attorneys and financial planners?
We make it a point to communicate with the client’s attorney and financial planner anytime we see anything of financial or legal significance that has happened or is likely to happen. For example, in some cases, by combining the estate and gift tax exemption with the proper use of certain irrevocable trust, millions of dollars in estate and gift taxes may be avoided. If we see that a client may potentially benefit from this type of strategy, we will work closely with his/her attorney and financial planner to implement a plan.
Note: An Article Written By Justin P. Ransome, J.D., MBA, CPA, and Frances Schafer, J.D, in the AICPA, The Tax Advise on 9/1/13 and was reviewed, edited and posted by Harold Goedde Ph.D on TaxConnections Worldwide Tax Blogs.
The uncertainty about transfer-tax rates and exemption amounts that has plagued taxpayers and practitioners since 2001 was finally settled in 2013. On Jan. 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (ATRA . For estate, gift, and generation-skipping transfer (GST) tax purposes it makes permanent the following: (a) certain income and transfer-tax provisions in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) , (b) income tax provisions in the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) , income and certain transfer-tax provisions in the Tax Relief,
(d) Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Act). 
In most instances the effective date of the act is Jan. 1, 2013. Read more