Daily Tax Update - January 27, 2014: President to Deliver State of the Union Address Tomorrow

PRESIDENT TO DELIVER STATE OF THE UNION ADDRESS TOMORROW:  According to a White House adviser, President Obama will deliver an “optimistic” State of the Union address Tuesday night. White House adviser Dan Pfeiffer indicated that President Obama “will lay out a set of real, concrete, practical proposals to grow the economy, strengthen the middle class, and empower all who hope to join it.”  Pfeiffer added, “In this year of action, the president will seek out as many opportunities as possible to work with Congress in a bipartisan way. But when American jobs and livelihoods depend on getting something done, he will not wait for Congress.”

Pfeiffer added, “President Obama has a pen and he has a phone, and he will use them to take executive action and enlist every American — business owners and workers, mayors and state legislators, young people, veterans, and folks in communities from across the country — in the project to restore opportunity for all.  It will be an optimistic speech.”

MISCELLANEOUS GUIDANCE RELEASED:
Revenue Procedure 2014-18  provides an automatic extension of time for certain estates without a filing requirement to elect portability of the decedent’s unused exclusion amount for the benefit of the decedent’s surviving spouse.