Of Counsel

Leynee Cruz Flores and Brian T. Whitlock Discuss Correcting Mistakes in Tax Elections in CNA Article

January 4, 2023

In a recent article published by In Practice… with CNA, a newsletter providing perspectives on emerging legal trends, Golan Christie Taglia attorneys Leynee Cruz Flores and Brian T. Whitlock explain the opportunities available for correcting errors made when filing taxes, and specifically when making tax elections.

Making tax elections can be full of complex laws and regulations, and mistakes may happen. Lawyers and tax practitioners must be aware of potential tax consequences for clients if errors are made, as well as what opportunities are available to correct these mistakes.

One opportunity for correcting errors is Treasury Regulation §301.9100-2 et seq., which provides general relief and automatic extensions of time. There are also non-automatic discretionary extensions and estate tax portability elections. If a mistake is made, it is important to inform clients and obtain their permission to begin the process of pursuing relief.

Read the full article here.

Leynee Cruz Flores concentrates her practice in the administration of trusts and estates, litigation of wills, and estate planning. She works to implement creative legal strategies and personalized solutions for each of her clients, which include both corporate fiduciaries and individuals.

Brian T. Whitlock provides wealth transfer strategies for high-net-worth individuals, strategy for business succession planning and the administration and tax compliance of trusts, estates and exempt organizations. He is also an adjunct member of faculty at the Northwestern University Pritzker School of Law.

For more than 25 years, Golan Christie Taglia has remained committed to delivering successful results while providing clients with the highest level of quality and personal service. With a wide variety of clients including entrepreneurial businesses, high-net-worth individuals and non-profit organizations, GCT provides leading counsel in a broad array of practice areas from both our Chicago and Springfield offices.

This website uses cookies to enhance your browsing experience and provide you with personalized services. By continuing to use this site, you consent to the use of cookies. See our Terms of Engagement to learn more.