IRS offers relief for some 2010 estates

In September, the Internal Revenue Service announced some relief for 2010 estates. Here are the details:

The large estates of people who died in 2010 will have until January 17, 2012, to file Form 8939 and pay any estate taxes due.Estate Tax Return The special carryover basis form was previously to be due on Nov. 15.

In addition, the IRS is providing penalty relief to certain beneficiaries of these estates on their 2010 federal income tax returns. This relief is designed to give large estates (normally those over $5 million) more time to comply with key tax law changes enacted late in 2010.

  • Those 2010 estates needing an extension (Form 4768) will have until March 2012 to file their estate tax returns and pay any estate tax due.

Revised versions of the estate tax forms are now available on The carryover basis Form 8939 is also available. More details are available at Notice 2011-76.

Of course, my focus is on providing financial planning services to my clients. But if you have a question about estate taxes, please call my office. I personally do not provide estate planning tax nor legal advice, but I can point you in the right direction. Better yet, please consult your tax advisor, or legal counsel, for advice concerning estate tax and estate planning matters.