Blog & Newsroom

Posted by: Colleen Kaminsky, CPA

Posted by Howard Kass, CPA

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.

Still awaiting Final Form 8939 – Allocation of Increase in Basis for Property Acquired From a Decedent.  Previously, the AICPA had requested that the IRS and Treasury provide a blanket extension until 90 days after the forms and instruction are finalized. No final word received yet.

2010 Individuals, estate or trusts, who inherited property and sold it during 2010 have to file their returns by October 15, 2011. 

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. 

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. 

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. 

Taking yet another step to streamline operations and reduce costs, the Ohio Department of Taxation will no longer mail its income tax booklets.

Christian Lopez, the 23-year-old baseball fan who returned Yankees’ Derek Jeter’s 3,000^th career hit ball to the player, allegedly out of the goodness of his heart, received autographed bats, balls, and jerseys and four box seat tickets for the rest of the Yankees 2011 season from the appreciative team.