Wednesday, September 14, 2011

IRS Extends Time for Executors of Estates to File Returns and to Pay the Estate Tax

The Internal Revenue Service issued Notice 2011-76 Sept. 13 granting executors of estates of people who died in 2010 and who timely file Form 4768 an automatic extension of time to file an estate tax return and to pay the estate tax due.

The notice also revises the due date of Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent. In addition, it provides penalty relief to certain people who acquired property, the basis of which is determined under Section 1022, and disposed of such property during 2010. This notice applies to each executor of a 2010 estate and to recipients of property acquired from decedents who died in 2010.

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