2010 Estate Filing Extensions
Large estates of people who died in 2010 and opting out of the estate tax will have until Tuesday, January 17, 2012 to file Form 8939. This special carryover basis form, required of estates making this choice, was previously due on November 15, 2011.
2010 estates that request an extension on Form 4768 will have until Monday, March 19, 2012 to file Form 706 or Form 706-NA and pay any estate tax due. Normally, a six-month filing extension is automatically granted to estates filing this form, but extensions of time to pay are granted only for good cause. For estates of those dying late in 2010 (after December 16, 2010 and before January 1, 2011), the due date is 15 months after the date of death. No late-filing or late-payment penalties will be due, though interest still will be charged on any estate tax paid after the original due date.
This relief is designed to give large estates, normally those over $5 million, more time to comply with key tax law changes enacted late last year.
Special penalty relief is provided to many individuals, estates and trusts that already filed a 2010 federal income tax return, or obtained an extension and plan to file by the October 17, 2011 extended due date. Late-payment and negligence penalty relief applies to persons inheriting property from a decedent dying in 2010, who then sells the property in 2010 but improperly reports gain or loss because they did not know whether the estate made the carryover basis election.
IRS Circular 230 Notice: Federal regulations apply to written communications (including emails) regarding federal tax matters between our firm and our clients. Pursuant to these federal regulations, we inform you that any U.S. federal tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by the addressee or any other person or entity for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
Karen Poist and her husband, Chad, have 4 children - Alison, Matt, John & Jack. They live in the Hoover area and are members of Prince of Peace Catholic Church.... read more
"I have worked closely with many people at BMSS and have been very impressed with the quality of service and personnel within the firm. I have been impressed with the firm’s process and dedication to client service."