The 2020-2021 Treasury-IRS Guidance Plan, issued on November 17, 2020, is a compilation and update of the guidance projects the Treasury and the IRS have intended to focus on from July 2020 through June 2021. It includes a report of important clarifications made in 2020 regarding the deductibility of estate and trust expenses. It also anticipates guidance on the consistency of basis of assets received from a decedent, the effect on estate tax value of changes made to an asset within six months after a decedent’s death, the issuance of estate tax closing letters, and the possibly imminent new actuarial tables to be effective as of May 1, 2019.
With permission from The American College of Trust and Estate Counsel, which published it at https://www.actec.org/professionals/capital-letters/ as Capital Letter Number 50.
