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The Thomas Law Firm, Chartered

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Revenue Procedure 2020-45   The basic applicable exclusion amount (and generation-skipping tax exemption) will be $11.7 million, up from $11.580 million for decedents dying in calendar year 2021. The annual gift tax exclusion amount remains $15,000. The annual gift tax exclusion for a noncitizen spouse will be $159,000, up from $157,000. Other inflation adjustments in numerous tax rates are detailed in the attached copy of Revenue Procedure 2020-45. #
The Case for Sensible Estate Tax Reform - July 25, 2005 - Gene Sperling, National Public Radio # article: IRS to Audit More S Corporations #
IRS to end TeleFile after August 16, 2005 - Be aware of this new development from the IRS #