Monday, August 4, 2014
The likelihood of IRS estate tax audits has risen, and federal estate tax returns are being looked at with heightened scrutiny. One possible reason for this is that the current federal estate tax exemption amount is resulting in fewer estate tax returns filed with the IRS each year, which allows the IRS to look closer at the ones that are. For the large estates that must file a return it very important to have every detail correct, considering that all of the returns for estates valued over $10 million in 2011 were audited.
See, Estate Tax Audits for Large Estates Are a Virtual Certainty, Choate, March 3, 2014.