United States:
An Alternative To Estate Tax Closing Letters
15 December 2015
Fox Rothschild LLP
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As detailed in our two previous posts in
early July and a
week ago, the IRS will no longer automatically be issuing
estate tax closing letters. The Executor can either call the IRS to
request a closing letter (once 4 months have passed since the filing
of an estate tax return) or, through a new procedure published
December 4th, find out online that the IRS's review of an estate
tax return is closed. Under this new procedure, the IRS will be
marking account transcripts for estate tax returns with Transaction
Code 421 that says "closed examination of tax return".
Account transcripts can be accessed online through the Transcript Delivery System or requested by
using Form 4506-T. This new online procedure will allow an Executor
to find out whether review of an estate tax return has been closed
much earlier than waiting for the arrival of an estate tax closing
letter, resulting in the Executor being able to close an estate
earlier, while lessening the burden on the IRS.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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