When clients die, tax practitioners can take a number of steps on their clients’ individual income tax returns for their final year that can help the family save on taxes. Karen Cohen, CPA, explains what they are. To read the full article in The Tax Adviser, click: Taking Control of the Final Form 1040.
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State Estate Tax Changes The Wills, Trusts, and Estates Prof Blog reports that the federal estate tax exemption was indexed for 2012, increasing the $5 million exemption to $5.12 million. Many of the twenty-three states, including Washington, D.C., that impose state estate taxes have also made changes for 2012. A list of state specific changes to estate taxes for 2012 and beyond is below: To keep up with inflation, North Carolina and Rhode Island increased their exemptions to $5.12 million and $892,865, respectively. Illinois increased its exemption from $2 million in 2011 to $3.5 million beginning January 1, 2012.…