Repeal of the NJ Estate Tax – Should married couples update their wills?
Effective January 1, 2018, New Jersey repealed its estate tax. The question then become how does this affect you and do you need to do anything about it? For most people the change is a positive one because it means their heirs pay less taxes and they do not need to do anything to update […]
NJ Estate Tax Repeal: How Does This Affect You?
It’s official. According to NJ.com, Governor Christopher Christie has signed a bill to repeal the New Jersey Estate Tax. The new law is part of a larger package deal that increases the gas tax, reduces the sales tax slightly, gives the working poor a larger tax credit, gives a tax cut on retirement income and gives a tax […]
Requirement of Executors to Report Basis of Assets When Administering an Estate – FollowUp
The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the […]
IRS Releases Form 8971 – Executors Now Required to Report Basis of Assets When Administering Estate
For many years the IRS and beneficiaries of estates had a problem figuring out how much gain should be imposed on an inherited asset because the beneficiaries did not know the basis. The IRS did not like the fact that frequently the value reported by an Executor was not the value reported by a beneficiary […]