New Revenue Procedure

The Internal Revenue Service recently issued Revenue Procedure 2022-32 to extend a surviving spouse’s deadline to file Form 706 to make the portability election to the fifth anniversary of the deceased spouse’s death.  The election allows the deceased spouse’s unused exclusion amount to be passed to the surviving spouse so it is not wasted.  If your spouse passed away within the last five years, you should consider if you meet the requirements and want to take advantage of this opportunity.  It applies to nontaxable estates if no Form 706 has already been filed, and it will help reduce or eliminate estate tax liability, especially if the President and Congress later reduce the exclusion amount.  See  https://www.irs.gov/pub/irs-drop/rp-22-32.pdf or contact our firm for more information.