IRS Extends the Estate Tax Filing Deadline

The IRS has recently announced that the filing deadline for certain estate tax returns is extended from November 15, 2011 until January 17, 2012. This includes estates worth over $5 million for individuals who pass away in 2010.

An estate may be composed of a variety of items/assets which are the property of an individual and subject to federal estate tax. The U.S. Treasury states that the ‘gross estate of a decedent who was a citizen or resident of the United States at the time of his death includes the value of all property?whether real or personal, tangible or intangible, and wherever situated?beneficially owned by the decedent at the time of his death.’

For more information about the new rules regarding federal estate tax, please see the following articles:

‘ http://www.tax-news.com/IRS_Offers_Filing_and_Penalty_Relief_for_2010_Estates

‘ http://www.nytimes.com/business/irs-extends-estate-tax-filing-deadline

‘ http://www.journalofaccountancy.com/20114581

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