This year's looming tax deadline is slowly approaching. Despite the extra couple of days provided this year, many people, particularly small business owners, will struggle to get all of their receipts and paperwork together to file on time. Some will just not file at all.
Georgia residents with an interest in tax issues may wish to know about new regulations that are expected to be issued by the IRS. Legal and accounting professionals are notifying clients about this matter, which affects estate taxes and could have serious tax implications.
The consequences that can come about due to estate or inheritance tax are often overlooked due to too many individuals simply assuming the tax will not apply to them. We need to keep in mind that real estate prices are on the rise the possibility of such a tax is a real possibility. And if a taxpayer fails to pay what is considered owed they could then be penalized. It's important to note that the inheritance tax threshold has not risen at the same rate as have real estate costs.