Estate taxes

The Internal Revenue Service has issued a notice outlining special procedures for handling the estates of same-sex couples.

Notice says account transcript that includes a transaction code of “421” and the explanation “Closed examination of tax return” can serve as the functional equivalent of an estate tax closing letter.

How clients can take advantage of this approach to managing their wealth after death, even if President-elect Trump enacts his proposed reforms. Plus, juicy deductions that come with owning a car and a smart portfolio trick to consider after this year's monster bull market.

Congressional Democrats say they’ll try to thwart Republican plans to overhaul the U.S. tax code by portraying them as a boon for the rich that betrays President-elect Donald Trump’s campaign promise to fight for working Americans.

Tax professionals can make use of some tried and true tax strategies, but only for next tax season.