IRS Announces That Account Transcript Can Substitute For An Estate Tax Closing Letter | The National Law Review

 

The Internal Revenue Service has announced, in IRS Notice 2017-12, that an IRS-issued account transcript can substitute for an estate tax closing letter. An estate tax closing letter (IRS Letter 627) is a written communication from the IRS which: (1) specifies the amount of net estate tax, the state death tax credit or deduction, if any, and any generation-skipping transfer tax for which the estate is liable; (2) confirms the acceptance of the estate tax return, either as filed or after agreed-upon adjustments made by the IRS. Generally, receipt of an estate tax closing letter indicates that the IRS’s examination of the estate tax return is closed.[1]  As of June 1, 2015, the IRS began issuing estate tax closing letters onlyupon the request of an estate.[2]

IRS Announces That Account Transcript Can Substitute For An Estate Tax Closing Letter | The National Law Review

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