Colleagues of Moritt Hock & Hamroff LLP have made available for download their article, “IRS Grants Major Extension To Make “Portability” Election For Estates Not Required To File Estate Tax Returns From 2017 To Present,” published in JDSUPRA. The abstract is as follows:
IRS Alert: The Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-32 which provided surviving spouses extended relief to make “portability” elections without the need for the issuance of a private letter ruling from the IRS. Estates now have until the fifth annual anniversary of the decedent’s date of death to make the election, even if they were not previously required to file an estate tax return.
Posted by Melissa Zheng, Associate Editor, Wealth Strategies Journal.