Lisa Roberts-Mamone

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IRS Revenue Procedure Confirms IRS Will Respect QTIP Elections When Portability Elections Also Made

By Lisa Roberts-Mamone and Amanda Tate on October 24, 2016 Posted in Tax

The IRS resolved an important issue when it issued Revenue Procedure 2016-49, effective September 27, 2016, clarifying that the IRS would not disregard qualified terminable interest property (QTIP) elections for estates that also made a portability election. Uncertainty over when QTIP elections would be respected arose after the IRS stated in a 2001 Revenue Procedure … Continue Reading

New IRS Procedure for Issuance of Federal Estate Tax Closing Letters

By Lisa Roberts-Mamone on November 11, 2015 Posted in Estate Planning, Estate Tax

Effective for all federal estate tax returns filed on or after June 1, 2015, federal estate tax closing letters will be issued only upon request. The process for making a request: Timing – no earlier than four months after the date of filing of the return. Contact – telephone the IRS @ (866) 699-4083 (estate … Continue Reading

Repeated IRS Warnings Haven’t Stopped Telephone Scams

By Lucas Witters and Lisa Roberts-Mamone on February 11, 2015 Posted in Uncategorized

In October 2013, the IRS issued taxpayers a warning about a pervasive telephone scam designed to solicit payments and release of personal information from individuals. The IRS issued a second warning concerning the scam near the end of the 2014 filing season, but the calls have continued into the 2015 filing season with no end … Continue Reading

Normalizing Prenuptial Planning

By Lisa Roberts-Mamone on September 19, 2013 Posted in Estate Planning

Prenuptial planning is a common consideration for clients who are getting married. There are several circumstances where a prenuptial agreement is particularly useful, such as second (or perhaps third) marriage situations, especially when the couple have children from prior relationships. It is also not unusual for the children of wealthy clients to be strongly encouraged … Continue Reading

Careful Estate Planning Required When Transferring S Corporation Shares to Trusts

By Chad Makuch, Dana Andrassy and Lisa Roberts-Mamone on August 16, 2013 Posted in Estate Planning, Tax, Trust Administration

S corporation shareholders must be careful not to inadvertently terminate their closely held company’s S election when engaging in estate planning. Closely-held entities, which choose not to be formed as a partnership or limited liability corporation, often elect to be taxed as an S corporation under the Internal Revenue Code to avoid the double taxation … Continue Reading

Required Updates for Entity-Assigned EINs

By Lisa Roberts-Mamone on June 5, 2013 Posted in EINs

On May 3, 2013, the IRS issued final regulations that will require all persons (including trusts and estates) with employer identification numbers (“EIN”) to provide updated information to the IRS in a prescribed manner beginning in 2014. The IRS has concluded that current, accurate information about taxpayers and their responsible parties (e.g., their fiduciaries) is … Continue Reading