Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

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

| Apr 15, 2020 | Estate Planning, IRS |

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.


FindLaw Network

Recent Blog Post

Is estate planning necessary for young people?

Misconceptions exist about the relationship between age and estate planning. Yes, older people may prioritize estate planning for reasons related to advancing age and health concerns. That does not mean only older California residents benefit from the process. Young...

What are the responsibilities of a fiduciary?

Residents of California may want to learn more about the role of the fiduciary and their responsibilities. Because fiduciary duty may be a requirement among certain professions, clients and professionals should know more about what this is. The meaning of fiduciary...

5 factors to consider when choosing a guardian

For parents, one of the biggest reasons they decide to create an estate plan is to ensure their child will be cared for no matter what. It isn’t easy to think about a tragedy where a child may lose both their parents before they turn 18, but parents have to plan for...

View More Blog Posts