Tax Law Update: February 2021

• Internal Revenue Service issues proposed rules for new policy to issue estate tax closing letters—Estate tax closing letters confirm to the authorized person (usually the executor of the estate) that the IRS has accepted the estate tax return and summarizes the net estate tax due, the state death tax credit or deduction and any generation-skipping transfer tax liability. Once the estate tax closing letter is issued, even though it’s not a formal closing agreement, the IRS