Thursday, June 18, 2015
ESTATE TAX CLOSING LETTERS ISSUED ONLY UPON REQUEST
ESTATE TAX CLOSING LETTERS ISSUED ONLY UPON REQUEST The Internal Revenue Service has just announced that, estate tax closing letters will be issued only upon request by the taxpayer for estate tax returns filed on or after June 1, 2015. It also clarified the circumstances under which it will issue closing letters for estate tax returns filed prior to June 1, 2015. Prior to the recent pronouncement, the Internal Revenue Service would issue an estate tax closing letter indicating the return is accepted as filed or send an audit notice within four to six months of filing. It is often prudent for an estate executor to wait for the closing letter before distributing the majority of the estate. On its website, the I.R.S. asks that estate tax filers wait at least four months after filing the return to request the closing letter.