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1120s 2024 Form: What You Should Know
The purpose of this new simplified method is to: ensure the estate continues to be a unit and that all the depreciable or non-depreciable items of property owned by the estate, unless otherwise exempted in the Act, are included in the total gross estate; provide the executor with less information to complete a 706, which can save the estate time and resources; and encourage taxpayers to apply this simplified method to other estates. IRS Provides a Portability Extension for Estate Taxes Under Rev. Pro. 2017-34 June 21, 2024 (Revised 10/1/17) — The Internal Revenue Service (IRS) has made a brief, but important, change to the process for estate taxes filed under Rev. Pro.
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