Federal Income Tax Returns Form 1040

Tax Returns for income tax filing deadline is now July 15 from April 15, Treasury Secretary Steven Mnuchin stated today, March 20, 2020.  All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.  Initially, the IRS had deferred the payment deadline to July 15 but had left April 15 filing deadline in place, but now the new due date is July 15, 2020.

Pennsylvania Inheritance Tax Returns – Form 1500  From the PA DR Website

Due to the recent closing of commonwealth and county office buildings to help prevent the spread of COVID-19, the Department of Revenue is aware that taxpayers have been unable to meet their Inheritance Tax filing and payment obligations. To address these concerns, the department is asking County Register of Wills offices to implement the following procedures when their operations resume:

  • If a taxpayer is filing a return or making a payment and indicates that either was due during the timeframe that offices were closed, please place a date received as of March 12, 2020, on the return and the receipt.
  • In addition, the department is making system modifications to not apply penalties for payments received late, that otherwise would have been timely during office closures.

Clawback Example

January 17th, 2019|

Prop. Regs. 20.2010-1(c); Reg-106706-1 If a client gifts $11.4M in 2019 and dies in 2026 when the exemption is back to $5M. The $11.4M is an [...]

Annual Exclusion Gifts in 2018

October 23rd, 2018|

TAX ALERT Gift tax exclusion amounts – present interests 2017  $14,000 per person 2018  $15,000 per person [...]

Federal Estate Tax in 2018

July 17th, 2018|

Practice Alert: https://www.picpa.org/attend-cpe-events/conferences/picpa-conference-on-pennsylvania-taxes/conference-on-pennsylvania-taxes-speakers Neil Yahn to speak on Federal Estate Taxes in 2018 40% tax Date of death [...]

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