Estate Tax Returns
An Estate Tax Return, Form 706, is a complicated tax and property law document. There are large amounts of money and highly valued property interests involved therein. Additionally, audits of estate tax returns are more numerous than audits of other types of tax returns. Therefore, it is in your best interest to have this document prepared by an experienced tax attorney.
An experienced tax attorney knows the proper tax discounts applicable on each section of the estate tax return. Moreover, if you are audited, the attorney who prepared the return will have the necessary legal and financial documents to substantiate any questioned tax deductions.
Final Income Tax Return
Final income tax returns must be filed on behalf of the deceased person and by the estate or trust of such a deceased person. Careful attention must be paid to the reporting of certain income tax items, such as income in respect of a decedent, commonly known as IRD. These returns must be prepared both accurately and in a timely fashion. An experienced tax professional knows the correct reporting of such income items and should be consulted before the filing of such a tax return.
Estate Tax Audits And Appeals Hearings
If you have received an estate tax return audit notice or if you represented yourself in the estate tax return audit, and you do not agree with the IRS agent’s findings, you should immediately contact an experienced tax attorney. We will aggressively represent you before the IRS Appeals Division. Statistics show that the IRS recovers less tax and the taxpayer pays less tax after an appeal. If you are unable to reach a settlement by appeal, the IRS will issue a 90-day letter in which case you will have the right to go to tax court, federal court of claims or district court. If you answer the 90-day letter timely, you are entitled to go to tax court and will not have to pay any tax to have your case heard by a judge.
Estate Tax Planning And Proper Probate Planning
We can assist you in an estate conservation effort, structuring your assets in order to minimize the depletion of your estate through federal estate taxes and state inheritance taxes.
If you are being audited by the Internal Revenue Service, Franchise Tax Board or any other state or local tax authority, contact the tax attorneys at David Lee Rice, A Professional Law Corporation, immediately at 310-517-8600 for a consultation.