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Month: December 2017

Planning for New Tax Law

Now that Congress has approved the new tax law, beginning in 2018, deductions for real estate and state and local income taxes will be limited to a combined total of $10,000.  As a result, taxpayers should consider paying certain taxes in December 2017, instead of waiting until 2018, when the new limit will be in effect. To the extent that a taxpayer pays the 4th quarter 2017 installment of e...

Due Date for Estate Portability Relief

As discussed in our post on June 19, 2017, Revenue Procedure 2017-34 gives estates until January 2, 2018 to apply for retroactive relief if an estate missed the portability election for a decedent who died on or after January 1, 2011. The due date for this retroactive relief is fast approaching.  Practitioners with clients who could benefit from the relief should discuss this provision with s...