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Can IRS action re 2019 tax filing affect my estate planning?

On Behalf of | Apr 15, 2020 | Estate Planning |

Some realities are seemingly immutable and feature recurrent obligations for individuals and families year after year.

Filing taxes is a classic example.

The duty to square up in a timely manner each year with the Internal Revenue Service for persons deemed to owe taxes became formally enacted as federal law many decades ago. Payers’ focus on their obligation vis a vis the IRS in any given year grows increasingly acute as spring approaches. The established deadline date of April 15 commands prominent circling on calendars in homes across the country.

Understandably, the complexity in American tax law – marked especially by ongoing change and the interplay between federal and state taxing authorities – leads many filers to reasonably turn to a tax professional for timely and accurate advice.

That person sometimes wears two hats as both a certified public accountant and estate planning attorney. Such an integrated background can prove materially beneficial for a filer seeking to understand how tax strategy can react positively on estate planning outcomes.

Indeed, it can, which is a point well noted in a recent national article on recent IRS adjustments made in response to the currently challenging realities posed by the COVID-19 pandemic.

Specifically, the agency has postponed the federal filing deadline for taxes owed in 2019 to July 15. The IRS will also waive all penalties – as well as interest – owed on outlays.

Those changes are material and might conceivably affect the estate planning of an individual or family in appreciable ways. A proven estate administration/tax attorney can provide further information.

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