Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Estate taxes are confusing, even to the IRS

The Treasury Inspector General for Tax Administration recently issued a report concerning how estate and gift tax returns are being processed. The report highlights substantial discrepancies in how the IRS handled the examination process. One of the issues covered in the report is that the document used by the IRS to classify gift and estate tax returns in difficult to read and follow. As anyone who has ever read an IRS form can attest, simplicity and  clarity are not the driving force behind creating tax documents.

Fair and consistent application

The concerns raised in the report are about treating every taxpayer the same. Estate and gift tax returns that were not established correctly were cited for further review, but not in a predictable or consistent manner. Once a taxpayer makes a mistake, they enter into a shifting maze of IRS policies and actions. There is truly no way to know how these reviews will turn out once a return is flagged.

 

Do it right the first time

The key, of course, is to make sure your gift taxes and estate taxes are handled correctly the first time. Rather than take a chance on your ability to interpret IRS guidelines that even IRS employees can't follow, you need to speak to an attorney who understands estate and legacy planning. If you do it right the first time, you can avoid the need for further review under the unpredictable process currently followed by the revenue service.

Taxes play an important role in creating the right estate plan. Only an experienced professional can help you craft a plan to accomplish your goals and minimize the tax burden.

Source: Accounting Today, “IRS faulted on scrutiny of estate and gift tax returns,” by Michael Cohn, 28 September 2017

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: