Gross Estate: FMV at Death and All Included Property
Gross estate equals the decedent’s fair market value interests at death, often leading to Form 706 reporting. Key…
GST Tax Essentials: Rates, Exemptions, and Filing for 2024–2025
The GST tax remains a separate 40% levy with a $13,610,000 (2024) exclusion still effective as of Oct…
Portability of DSUE: Essentials of the Deceased Spousal Election
Survivors can use DSUE only if the spouse died on/after Jan 1, 2011, was a U.S. citizen/resident, and…
Estate Tax Form 706: 2024 Exclusion, Credit, and Rates
Estates for 2024 deaths must file Form 706 if taxable estate plus lifetime taxable gifts exceed $13,610,000. Filing…
Understanding IRS Refund Claims: Deadlines, Extensions, and 1040-X
Refund claims must be filed by the later of three years from filing or two years from payment.…
Joint and Several Liability: Relief Options for Married Taxpayers
Filing jointly creates full shared liability. Use Form 8857 for tax understating issues (innocent, separated, equitable relief). Use…
Overpayment Decisions: Apply to Next Year or Request a Refund
Overpayments can be applied to next year, refunded, or split; attach Form 8888 to divide refunds or buy…
IRS Payment Plans: Short-Term Relief and Installment Options
IRS payment plans include short-term (180 days, no user fee) and long-term installment agreements (monthly payments). Streamlined plans…
Understanding Balance Due, Payment Options, and CNC Status
If total tax exceeds payments, taxpayers owe a balance due by April 15 to avoid penalties. File on…
Overview of Federal Withholding and Estimated Tax for Individuals
Pay federal tax during the year via withholding (Form W-4/W-4P) or quarterly estimated payments (Form 1040-ES). Deadlines are…
Understanding Tax Filing Deadlines and Extensions for Individuals
Tax returns are due April 15; Form 4868 filed by that date grants a six-month filing extension to…
Disallowance Rules for EIC, CTC, and AOTC: When 8862 Is Required
The IRS issues Disallowances for non-math denials of EIC, AOTC, CTC/ACTC/ODC, blocking claims for 2 years for reckless…
Understanding Due Diligence Rules for EIC, AOTC, and CTC Credits
IRS enforcement targets paid preparers for refundable credits and HOH status: $600 per failure for 2023 returns filed…
Claiming Excess Social Security and Tier 1 RRTA Refunds
If combined withholding from multiple employers exceeds Social Security or Tier 1 RRTA wage bases, claim the excess…