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Insights Estate Tax

IRS Extends Postponement of Deadline for Gift and Generation-Skipping Transfer Tax Filing and Payment, But Maintains Estate Tax Deadlines

April 1, 2020 Estate Tax

On March 13, 2020, the President issued an emergency declaration instructing the Secretary of Treasury to provide relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency (defined as “Affected Taxpayers”). On March 27, 2020, the IRS issued an advanced notice of Notice 2020—20 which…

2704 Regulations Explained: Proposed Rules Are Set to Further Expand Value Differences between Family-Controlled Entities and Other Companies

September 28, 2016 2704 Regulations

The IRS is focused on reducing valuation discounts associated with transfers of interests in family-controlled businesses, but this focus will result in family members being deemed to receive a different value than non-family members. This also means that an appraiser will be required to establish two different values based on…