Aug 31 2022 4 mins
In July 2022, the IRS issued a simplified method for taxpayers to obtain an extension to make a portability election. This new publication, Rev. Proc. 2022-3,2022-1 IRB 144 has superseded the 2017 publication, Rev. Proc. 2017-34,2017-26 IRB 1282. As a result, eligible estates now have up to five years after the death of the deceased spouse to elect portability.