On July 8, 2022, the IRS issued Rev. Proc. 2022-32 that simplified the method for obtaining late relief for failure to timely make an estate tax portability election and extending the time for filing ...

On July 8, 2022, the IRS issued Revenue Procedure 2022-32, which provides a simplified method for taxpayers to obtain an extension of time to make a portability election of a deceased spouse’s unused ...

One of the most overlooked and misunderstood tax laws – available to married farming couples – is an opportunity called portability. When one of the spouses dies, the surviving spouse can make a ...

A common financial mistake married farm couples make occurs when the first spouse dies, and the surviving spouse fails to “elect portability.” It’s a process by which any unused federal gift or estate ...

The IRS has just changed the timeframe for filing a late portability election for federal estate tax purposes. This is extremely important to those who did not timely file a federal estate tax return ...

Portability isn’t given; it must be elected by a timely filing of Form 706 after the first spouse dies. This form is documentation of the fair market value of the estate at the time of death. Form 706 ...

A single piece of paperwork can quietly determine whether a surviving spouse keeps or loses millions in tax protection. That sounds dramatic, but it's exactly what's at stake with estate portability.