Estate Tax. What EVERYONE Should Know. Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the estate tax. Here is a quick summary of common questions you should be able to answer.
Payments to deceased taxpayers. First, we want to express our apologies that you are even having to deal with this. We just received information about what to do with Economic Impact Payments (EIP) made to deceased taxpayers. Below is the guidance from the IRS. The information has posted May 6, 2020 to the EIP page on IRS.gov. Does someone who has died qualify for the Payment? No. A Payment made to someone who died before