How the 2022 Midterm Election Will Impact You and Your Clients
On Tuesday, November 8, United States elections for the year 2022 were held. During this important midterm election, more than one-third of the seats in the Senate and all 435 seats in the House of Representative were contested. Now that the results are in, we know that Republicans will control the House and Democrats will retain control of the Senate come January. What does this mean for you and your clients?
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IRS Extends Late Portability Election
The IRS recently issued a new procedure (Revenue Procedure 2022-32) that extends the time an estate has to elect portability to five years after the decedent's date of death. Since portability is probably not top of mind for you or your clients, let us take a minute to review what portability is and why this news could be very useful information.
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Fun Election Facts
Besides Thanksgiving and Veterans Day, November is also known for Election Day. How well do you know United States election history? Check your knowledge against the following fun facts.
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MEREDITH | PC
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This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
