The Internal Revenue Service has issued a notice providing guidance on how to confirm the closing of an examination of an estate tax return.
Notice 2017-12 also announces that an account transcript that includes a transaction code of “421” and the explanation “Closed examination of tax return” can serve as the functional equivalent of an estate tax closing letter to confirm the closing of an examination. An estate tax closing letter is a written communication from the IRS specifying the amount of the net estate tax, the state death tax credit or deduction, and any generation-skipping transfer tax for which the estate is liable. However, the closing letter doesn’t specify how much has been paid in estate tax or generation-skipping transfer tax. The estate tax closing letter also confirms the return has either been accepted by the IRS as filed, or it has been accepted after an adjustment by the IRS to which the estate has agreed. The receipt of a closing letter generally indicates that, for purposes of determining the estate tax liability, the IRS examination has been closed. Read Article: http://www.accountingtoday.com/news/irs-simplifies-closing-examinations-of-estate-tax-returns Comments are closed.
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September 2017
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