GOP Senators Query Korb on Estate Planning Tool: BGOV Tax

Korb Queried on Audits, Tax Litigation

Senate Republicans in questions to IRS chief counsel nominee Donald Korb signaled they want the IRS to be less aggressive with audits and litigation concerning a popular planning tool used by the wealthy to reduce estate taxes.

Sens. John Cornyn (R-Texas) and Steve Daines (R-Mont.) asserted the Biden administration took positions on grantor retained annuity trusts that were not in line with statute and regulations in written questions for the record.

“Legislative proposals which would curtail GRATs have been introduced but never passed into law,” Cornyn wrote. “The IRS under the last Administration instead ...