The draft Form 706 was posted to the IRS website. For your convenience, here is a direct link to the form http://www.irs.gov/pub/irs-dft/f706–dft.pdf. It will only be used for decedents dying in 2010. If electing the modified carryover basis and zero estate tax, the instructions to the form still don’t explain how to make the election.
read more…The Internal Revenue Service issued guidance on the treatment of basis for certain estates of decedents who died in 2010 (See Notice 2011- 66 and Rev. Proc. 2011- 41) The guidance assists executors who are making the choice to opt out of the estate tax and have the carryover basis rules apply.
read more…As of now, the deadline for filing 2010 Form 706 is September 17, 2011. The due date for filing Form 8939, as mentioned above, is November 15, 2011. Both the 706 and 8939 have only been issued in draft form.
read more…With just days left before the Sept 19, 2011 filing deadline for 2010 Federal Estate returns, the IRS posted the final Form 706 and Instructions on their website on 9/8/2011.
read more…2010 Individuals, estate or trusts, who inherited property and sold it during 2010 have to file their returns by October 15, 2011.
read more…The annual exclusion gift amount will be $13,000 (there is no inflation adjustment for the 2012 amount).
read more…Tax Partner Howard Kass is newly certified as an Accredited Estate Planner® by the National Association of Estate Planners & Councils, an organization focused on establishing and monitoring the highest professional and educational standards in the estate planning industry.
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Posted by: Howard J. Kass, CPA, AEP®
read more…Posted by: Barbara Theofilos, CPA
read more…After spending most of 2010 procrastinating, Congress finally decided to throw a wrench into estate planning in mid-December by enacting the Taxpayer Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Since then, all the estate planning professionals have been scrambling to make sense of the new law and ferret out the implications it has for taxpayers now. Some of the effects of this law are summarized in a few bullet points below:
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You may have heard the terms “donated leave” or “leave sharing” being used within the business community over the past few years. This has been something that various companies have adopted to help boost morale, promote compassion, and support their employees....
In a letter dated Nov. 7, Ohio Department of Job and Family Services Director Matt Damschroder explained a new fee that employers will be charged on their quarterly unemployment insurance tax rate. Included within Ohio’s recently passed biennial budget (House Bill 96)...
Extended Filing Due Date Approaches for 2024 Individual Income and Gift Tax Returns As the Oct. 15, extension deadline looms for filing 2024 individual income and gift tax returns, what does the federal government shutdown mean for Internal Revenue Service employees...
There will soon be a big change for some taxpayers in how they send tax payments to the federal government or receive refunds. Executive Order 14247, Modernizing Payments to and from America’s Bank Account, is intended to modernize financial operations, reduce costs,...
Ohio employers and employees should prepare for an important payroll update this fall. Starting Oct. 1, the Ohio Department of Taxation will implement new state income tax withholding tables. The change was necessitated by the passage of House Bill 96, the state’s...
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