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AICPA Makes Recommendations to the IRS About Transparency, Communications and Backlog
By on July 28, 2022
On July 11th, the American Institute of Certified Public Accountants (AICPA) wrote a letter to the IRS commissioner and Assistant Secretary for Tax Policy, making recommendations and requests for how the IRS could do a better job while it is recovering. The AICPA makes some very good suggestions to which the IRS may or may not agree. It is a quick read for anyone who is interested.
Want a Charitable Contribution Deduction? Make Sure You Dot the I's and Cross the T's
By on Ju;y 26, 2022
A recent Tax Court decision, Albrecht v. Commissioner, was a reminder that the IRS requirements for substantiating a charitable contribution are strictly enforced by both the IRS and the Tax Court. In Albrecht, a widow lost a $464,000 deduction for failing to comply with the IRS requirements, although many of us would consider it nitpicking by the IRS and the Tax Court.
Certain Estates Now Have Five Years to Make a Portability Election
By on July 14, 2022
On Friday, July 8, 2022, the IRS released Revenue Procedure 2022-32, which supersedes Revenue Procedure 2017-34 and extends the period of time certain estates have to make a "portability" election under IRC § 2010(c)(5)(A). A portability election allows for a surviving spouse to utilize the deceased spouse's unused exclusion amount (DSUE). The portability election may only be made on a timely filed federal estate tax return (Form 706).
