WSJ Quotes Beth Shapiro Kaufman: Many Estate-Tax Payers Just Got a Reprieve from the IRS

The estates of many recently deceased American taxpayers will now more easily obtain a crucial tax benefit thanks to an Internal Revenue Service decision.

Revenue Procedure 2017-34, which takes effect immediately, gives the estates of many people who died in 2011 and after until at least Jan. 2, 2018 to make a “portability” election. This provision allows a surviving spouse to receive the unused portion of the partner’s federal estate-tax exemption—a move that can shelter millions extra in assets from tax.

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“It’s a welcome announcement that benefits both estates and the IRS, freeing the agency to use resources on other issues,” says Beth Shapiro Kaufman, an attorney with Caplin & Drysdale in Washington.

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Excerpt taken from the article “Many Estate-Tax Payers Just Got a Reprieve from the IRS” by Laura Saunders for The Wall Street Journal.