See More: Articles

January 17 Deadline for Estate Tax Relief

pocket watch

Executors and beneficiaries of large estates – usually considered over $5 million – of people who died in 2010 will now have until Jan. 17, 2012 to file some required returns and pay estate taxes, according to the IRS.

For large estates opting out of the estate tax, the deadline for filing the required carryover basis form (Form 8939) is Jan. 17, 2012, rather than Nov. 15, 2011. The IRS does not require estates to request the new due date because it is a “specified due date,” not an extension.

Beneficiaries of 2010 estates who request an extension for filing their estate tax returns will now have a March 19, 2012, deadline for both filing their returns and paying any estate tax.

If a decedent died in late 2010 – after Dec. 16, 2010, but before Jan. 1, 2011 – and the estate requests an extension, the date for filing is 15 months after the date of death. The IRS will charge interest on any estate tax paid after the original due date, but it will not impose penalties for filing or paying late.

For the past 12 years, the accounting firm of Gelman, Rosenberg & Freedman has consistently provided the Chesapeake Bay Foundation (CBF) with superior services.  The Gelman, Rosenberg and Freedman team, led by partner Terri McKnight, is knowledgeable about the nuances of the nonprofit industry, as well as attentive and thorough in their responses to any questions and concerns.

Fay Nance |  Chief Financial Officer
Chesapeake Bay Foundation