IRS Warns that Deadline is Approaching for Estates to Make Portability Election

Yesterday, the IRS issued a press release and posted a notice concerning the estate tax portability election.

The IRS reminded taxpayers that the first federal estate tax returns for those eligible to make the election would be due on October 3, 2011 and that “most estates of people who are married will want to make the portability election, including people who are not required to file an estate tax return for some other reason. The only way to make the election is by properly and timely filing an estate tax return on Form 706.”

The attorneys of the Pittsburgh-based, trusts and estates firm Williams Coulson regularly advise clients on federal estate tax matters and have advised estates with respect to the portability election. Please do not hesitate to contact us should you have any questions concerning the portability election.

IRS CIRCULAR 230 TAX ADVICE DISCLAIMER: Any federal tax advice contained in this communication (including attachments or enclosures) is not intended or written to be used, and it cannot be used, for the purpose of (1) avoiding any penalty that may be imposed by the Internal Revenue Service or (2) promoting, marketing or recommending any transaction or matter.