IRS Formalizes Transcripts as Substitute for Estate Tax Closing Letters
In 2005, I discussed here how the IRS had posted information on its website that an account transcript notation bearing transaction code “421” could be used to determine that the IRS had concluded its review of a filed estate tax return and has accepted the return as filed (or after an adjustment by the IRS to which the estate agreed to), in lieu of obtaining a closing letter. The IRS indicated that closing letters would no longer be automatically issued, but could be requested 4 months or later after the return was filed.
The IRS has now formalized this information into a Notice. The Notice is helpful, and presumably was promulgated . . .
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