Under tax law, those entrusted with the care of estates or trusts have important duties which must be carried out. Many tax laws must be complied with and tax returns of various kinds have to be completed correctly and on time. Income, deductions and the gains and losses of an estate or trust must be reported along with any tax liability that has been incurred.
If wages are paid to household employees which are part of the estate, employment taxes will need to be paid. Additionally, if income has accumulated and is being held for future distribution or is being disbursed currently, this must be reported as well.
Consequences of Non-Compliance with Estate Tax Laws
The laws in this area can be complex and confusing, making tax resolution difficult and causing an individual to run into tax trouble they did not intend. The IRS is very aware of trust arrangements considered to be abusive and takes highly aggressive action against them.
Failure to comply with regulations in these areas can lead to:
At The Law Office of Michael K. Miller, P.A. it is a strongly held belief that each tax problem can be resolved. The resolution lies in complete investigation and review into what has occurred and all records and documents applicable to the situation. Armed with the needed information, an effective plan for resolution to an estate or trust tax problem can be designed.
Choose a Skilled Palm Beach Tax Attorney for Your Estate
With over 30+ years of serving people, like you, towards favorable outcomes to their tax situations, Mr. Miller would like to assist you with what may be a pressing situation. Whether it is representing you at an audit on your estate or trust taxes or in helping to properly plan your future to minimize estate tax obligations in accordance with the law, the firm is ready to provide high-quality legal services on your behalf.
“My experience working with Mr.Michael Miller was fantastic.”
My experience working with Mr.Michael Miller was fantastic. His expertise made navigating an unfamiliar and potentially intimidating subject matter possible. He was easy to contact and communicate with through out my case, I appreciated his efficiency , promptness and professionalism all while being friendly and personable. I have already recommended him to friends and wanted to spread the word here as well.
