Ronald Aucutt of the Bessemer Trust Company published an analysis regarding items in the new Treasury-IRS Priority Guidance Plan, the recent deletions from the Priority Guidance Plan, and the new procedures for reviewing administrative tax guidance. The article also features the potential future legislative changes in newly introduced bills and recent cases including Jones and Kress. The summary for this article is as follows:
Recent versions of the Treasury-IRS Priority Guidance Plan provide a forecast of what administrative changes in estate tax and related income tax rules might be expected and insight into those possible changes and the process for making them. Recent introduced legislation provides the same forecast and insight about legislation, subject to the present and future political environments. Meanwhile, recent cases give examples of how the IRS and the courts are interpreting existing tax law.
To see full article, click Summary of Selected Pending and Potential Administrative and Legislative Changes and Recent Cases Affecting Federal Estate and Gift Taxes and Income Taxation of Estates and Trusts by Ronald D. Aucutt (Oct. 23, 2019).
Posted by Katie Thompson, Assistant Editor of the Wealth Strategies Journal