Reprieve for taxpayer checks caught in backlog of unopened mail & Form 1041 Estate & Trust Tax Returns

August 31, 2020 "Time Saver & Helpful Hint" eNewsletter

Weekly News Update

IRS offers reprieve for taxpayer checks caught in backlog of unopened mail

Synopsis: The Internal Revenue Service is giving taxpayers a break if the checks they mailed in to pay their taxes still haven’t been opened up yet and are sitting in the trailers the IRS had to set up during the novel coronavirus pandemic.

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Time Saver & Helpful Hint

This week's topic is:

"Form 1041 Estate & Trust Tax Returns"

This week's news article, which discusses how the IRS is responding to tax returns which they have not yet opened and corresponding erroneous balance due notices issued, says: "The problem has been particularly acute for taxpayers who are filing Form 1041 estate and trust tax returns and receiving the balance due notices."

While we can't resolved any of the issues discussed in the article, we can help you with the preparation of Form 1041 tax returns. The ESI-APPRAISE Income Calculator allocates the income, accruals and dividends, between the 1040 and 1041 for calendar and fiscal years.

Click HERE to see a CALENDAR year valuation.

Click HERE to see a FISCAL year valuation.

Last week's topic was:

"Estate & Gift Tax Valuations"

You can access the eNewsletter by clicking HERE.

Which valuations can I get from ESI-APPRAISE?

We give you access to all the tools, information, and professional support you need to increase your profits and serve your customers better.

IRS Form 706 Estate Tax
IRS Form 709 Gift Tax
Charitable Remainder Unitrust
Grantor Retained Annuity Trust
Domestic & Global Historical Pricing
Capital Changes
Cost Basis for Dividend Reinvestment Plans & Equities
1040 / 1041 Income Allocation to Calendar or Fiscal Year based on date of death

How can I get a valuation from ESI-APPRAISE?

1. Secure online solutions (You do the work, using our tools, and save money)

· APPRAISE Windows: Software on your computer; internet connection to access the data

· APPRAISE ASP, our software as a service (SaaS) solution:

Software on our computer, data on your computer for security and peace of mind
Always running the current version eliminating the need to install updates
Easy to add and remove users
More reports and features than traditional, desktop installed, software

· APPRAISE Web: Internet using credit card; can be run from anywhere/any platform

· ESI-Direct: No software; value your ONESOURCE securities using the internet from FPS

2. Outsourcing solution (We have the expertise, do the work, and save you time):

Valuations can be submitted/delivered via email, fax, overnight courier, or mail

Upcoming ESI-APPRAISE Events

Sep 4: Early closing for Labor Day Holiday (2:00p ET)

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