Tax Law, Estates

Estate Tax Amnesty is EXTENDED AGAIN…most likely!

The Estate Tax Amnesty was extended yet again with the House passing the bill with great speed and the Senate adopting it and signing it recently as is so as to ensure it beats the deadline. The only thing needed now is the signature of the President.

If approved, the extension will now benefit more people as it shall cover estates of decedents who passed away on or before May 31, 2022. Before it was only for those who died before 2018.

Other changes are less requirements, online filing as well as installment options. This is indeed good news and most likely the last time in a long time we will benefit from this.

The Department of Finance already announced in their website that the President will sign before the State of the Nation Address.We hope he signs it before the deadline on June 14, though.

Once out, we will come up with another Ultimate Guide on our Youtube and Facebook channel.