Estate Closing Letters Issued Only on Request:

News from RWHSG

Posted by Kim Chen on June 23rd, 2015

On its website, the IRS announced that it will issue estate tax closing letters only upon the taxpayer’s request for estate tax returns (Form 706 filed on or after June 1, 2015. It also clarified whether, and under what circumstances, it will issue a closing letter for estate tax returns filed before that date. Taxpayers should wait at least four months after filing the return to request a closing letter. Also, for estate tax returns filed after 1/1/15 and before 6/1/15, the IRS’s policy for issuing closing letters has been changed to reflect the portability election rules. For example, a closing letter will be issued if the filing threshold was met and the portability election was (a) denied due to late filing or (b) accepted. A closing letter also will be issued if the estate was below the filing threshold and the portability election was accepted. However, no closing letter will be issued if the estate was below the filing threshold and the portability election was denied due to late filing. For more information, see www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Frequently-Asked-Questions-on-Estate-Taxes.