BREAKING NEWS: IRS Issued Rev. Proc. 2014-18, Granting Relief for Some Late Portability Elections

The IRS issued Rev. Proc. 2014-18 today, announcing that it would grant blanket relief for the estates of persons who died in 2011, 2012, and 2013, if the estate was not required to file a return. The IRS announced that it will allow these estates to file a return to elect portability until December 31, 2014.

Any estates of persons dying after 2013 that don’t file a timely return to elect portability can apply for a private letter ruling.

For more information, click here to listen to LISI’s 60-Second Planner with nationally renowned CPA, Robert S. Keebler. Also, see Rev. Proc. 2014-18 for further details.

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