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Supreme Court Holds States Can Legalize Sports Gambling
In a 6-3 decision, the Supreme Court of the United States recently struck down a federal law banning gambling on sporting events in most states. In particular, the Court held that the Professional and Amateur Sports Protection Act of 1992 violated constitutional principles limiting the federal government from controlling state policy, thereby unconstitutionally forcing states to prohibit sports betting under their own laws.
The ruling could have a significant impact on state tax revenues earned from gambling operations.
For a full copy of the decision, click here.
Estate Tax Transcripts Now Available Online
Practitioners can now obtain estate tax transcripts online via the IRS’s website. In January 2017, the IRS issued a notice (Notice 2017-12) stating that, in lieu of closing letters, executors, local probate courts, state tax departments, and others should request an account transcript which would reflect, among other things, the acceptance of Form 706 and the completion of any examination. The transcript is essentially to serve as a replacement to the traditional closing letter requested from the IRS.
The transcripts can be accessed online by going to IRS.gov, typing “estate tax closing letters” in the search box on the upper-right-hand side of the homepage, and then selecting “Transcripts in Lieu of Estate Tax Closing Letters.”