I want to tell you about a matter that my partner in Metairie, Chris Kane, and I are working on together. He's been working with a family that lived in Louisiana, specifically in the Metairie area. The wife passed away back in 2004, several years ago. However, for one reason or another, the family never got around to filing an estate tax return. Upon conducting research, Chris Kane, the attorney in the area, realized that the estate tax exemption back in 2004 was $1.5 million, whereas it is now $5 million. Therefore, the family wants to ensure that there are no major IRS estate tax problems when the surviving spouse passes away in the future. To address this concern, we will revisit all the tax issues, file an estate tax return, and appraise all the property as it should have been back in 2004 and 2005. By doing so, we aim to eliminate any previous tax concerns, even though their mother passed away approximately nine years ago. It is important to keep in mind that if the estate's value necessitates an estate tax return, it is never too late to take care of such matters. Failure to address it can result in interest and penalties continuing to accrue. Therefore, it is crucial to nip it in the bud. If you have concerns regarding whether an estate tax return should have been prepared and filed after the death of a family member, please give us a call at 866-491-3884. We can assist you in determining what steps need to be taken to ensure no future tax problems for your family. Thank you for your time, and have a great day.
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8833 Irs 2024 Form: What You Should Know
The treaty position disclosure form includes information about the nature of the government's treaty position. The U.S. government generally is a party to the treaty agreement in which tax returns are filed. The U.S. government and the treaty partner will be treated as one government for purposes of the treaty, so the form includes information about the level of U.S. government's participation in the negotiations. Form 8833: How to Claim Tax Treaty Benefits | H&R Block Form 8833 is required if the payee claims the following tax treaty benefits: Form 8833: U.S. Treaty-Based Return Position Disclosure to IRS The purpose of Form 8833 is to provide taxpayers with treaty information. Under IRS Publication 1479, Treaty-Based Return Position Disclosure (April 1, 2013), certain United States taxpayers may claim treaty benefits when they file their U.S. tax returns. Certain U.S. financial institutions may also file Form 8833 on behalf of U.S. taxpayers who wish to claim the treaty benefits discussed under section 6115. Under this section, the U.S. government must file an information return to show that it has submitted a proposed treaty position on the tax return. Once the U.S. government has filed this information return, the Treasury Secretary must determine whether a U.S. taxpayer's tax treaty position has been accepted by the tax authorities and whether the proposed treaty position provides benefits that would be available to U.S. taxpayers. However, not all treaty partners will participate in the treaty negotiations. Only governments that are parties to the treaty agreement, as certified in writing, shall be entitled to participate in discussions under this section. Any other government or organization may only participate in discussions, on an intergovernmental basis, to consider the merits of the U.S. taxpayer's proposed tax position. This form explains the treaty provisions and provides the taxpayer with an opportunity to submit an information return with the Treaty-Based Return Position Disclosure. If the U.S. taxpayer does not agree with the U.S. government's proposed agreement, the tax return could be disqualified. The treaty agreements described in this publication are intended to be a convenience to U.S. taxpayers, and the Secretary of the Treasury, the Internal Revenue Service, and the taxpayer are encouraged to comply with their obligations under the applicable treaty agreement in its current form, including any amendments, in order to provide the taxpayer with the most up-to-date treaty information.
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