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Estate Tax - Essay Example

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This study declares that IRS or the Internal Revenue Service is an agency or bureau that functions under the US federal government. The Internal Revenue service is controlled by the direction of the Commissioner of Interval Revenue. The responsibility of IRS includes a collection of taxes in the US…
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Estate Tax
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Download file to see previous pages Looking at the figure of 2010 fiscal, the estate tax returns amounted to 0.02% of the total tax return with huge losses in tax revenue. Currently, IRS has modernized tax collection methods and has three computerized tax collection centers apart from ten other tax collection centers. The centers receive returns over mail and compile the returns at their end. The current level of interest and audit has tightened like ever before. IRS is reconsidering the method of valuation of the estate tax for wealthy individuals. In the process, the agency has also discarded some of its favorite methods of tax valuation. IRS is currently more concerned about the family limited partnerships and their tax-saving structure. Tough auditing by IRS has been recommended on the face of US Congress’ past failure to implement federal estate tax. The federal estate tax is back in vogue with higher tax rates of 55% for estates of 1 million dollars worth or more as compared to 45% tax on $3.5 million or more wealthy estates. As a result of increased focus on the estate tax, IRS recommend on an average of $363149 million tax to estates after conducting a due audit. This is increased earnings for the federal government as a husband and wife were not subject to estate tax with less than $7 million value of their estate. Increased interest and audit of the estate tax by IRS has resulted in an increase of returns by 50% over the last decade. The aggressive collection of tax by the IRS has raised concern for comparatively lesser wealthy estates that were exempt from estate tax in the earlier phase. Both the increase in the rate of tax as well as limits for exemption has raised concern for tax planning in order to restore more wealth in their estates.
The proposed changes to the legislation of estate tax include portability of a deceased spouse’s unused estate and gift tax exclusion amount. ...Download file to see next pagesRead More
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