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Is this a married couple or a single person? In other words, is there any reason to protect the portability of estate tax exemption of the deceased for a spouse, if there is one, since we don't know if the exemption will actually revert back to pre-TCJA levels after 2025?

As usual, Judy hit the most important question... Tom Longview, TX

ugh! A schedule c client was audited. 2017 and 2018 was audited by IRS and changes were made. The Form 5278 Statement of Income Tax Changes did not address 8995. The audited was concluded in 2022. We had losses carrying forward on the 8995, but now in 2023 we have an income. Now I am reconsidering the loss carryforward and if we had the right figure after the changes that the IRS made. Just throwing this out there. It didn't seem important at the time as we were arguing about whether or not a pole barn was a commercial building or a $37K Oscar sawmill was a building (no), so the 8995 was new, and the amount carried was overlooked as the client had losses in the subsequent years. So as I sort this out, I'm just going to suggest to others that we all keep an eye on those carry forwards and make sure they make sense.......