Good news from IRS: relief for missed portability election. The IRS recently issued Revenue Procedure 2014-18 providing significant relief for estates that were below the federal estate tax filing threshold and failed to file an estate tax return to elect portability of the decedents unused estate tax exemption. Estates of decedents that died between January 1, 2011, and December 31, 203, that did not timely file an estate tax return solely for the purpose of electing portability now have an extension until December 31, 2014 to do so. Anyone whose spouse died between January 1, 2011 and December 31, 2013 should strongly consider talking advantage of the simplified process prior to the December 31, 2014 expiration date.
Posted on: Thu, 24 Apr 2014 13:42:19 +0000
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