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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
March 13, 2009 at 08:00 PM
Total U.S. estate tax collections increased to about $27 billion in 2008, up 8% from the 2007 total.
The Internal Revenue Service has published those figures in its 2008 data book.
Total IRS collections increased 2% in 2008, to $2.7 trillion, and gift tax collections increased 36%, to $3.3 billion.
Estate taxes accounted for about 1% of IRS collections in 2008.
The number of estates and trusts filing tax returns or tax obligation estimates in 2008 was 4 million, down from 4.5 million in 2007.
When field agents examined an estate or trust income return, they recommended changes 86% of the time, and they recommended an average of $114,723 in additional payments per return, with an average of $378,608 in additional payments per estate tax return for an estate of $5 million or more.
When the IRS examined an estate or trust return through correspondence, officials recommended changes only 22% of the time, with an average additional recommended payment of $2,877 per return, the IRS reports.
For all individual return exams, the change recommendation rate was 89% for field agents and 85% for exams conducted through correspondence. The average additional payment recommended was $19,150 for individual returns examined by field agents and $6,029 for individual returns examined through correspondence.
A copy of the IRS data book is available here. //www.irs.gov/pub/irs-soi/08databk.pdf
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