Tax Tip of the Month: Getting Help Being the Executor of an Estate

If you are ever in the position of being the executor of an estate, you know that it can be a thankless and difficult job. In case you are curious about all the duties you will be expected to perform as an estate executor in Virginia, you can read all about them in the 48-page PDF guide prepared by the Virginia Bar Association, which you can download here. The good news, if you ever find your self in that situation, is that help is available from a place you might not think to look--CPAs! Many CPAs, including Benjamin H. Johnson CPA, offer assistance to estate executors. We can assist with the preparation of reports that must be made to various county, state, and federal agencies, including the report that must be submitted to the county Commissioner of Accounts showing the proper distribution of assets. We'll make sure you are aware of all applicable laws and regulations that you, as the executor of an estate, need to know--including the Virginia law that says that estate executors may take a fee of 5% of the estate as compensation for performing their duties! If you would like more information on the assistance we can offer to estate executors, contact our office.

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Picture of the Month Ben made a trip out to Colorado to visit one of his sons last month and naturally made the time to do some hiking while he was there. This picture was taken on a hike near Ouray, Colorado at 13,000 ft. of elevation.

Latest Firm News

After the long-delayed end of tax season on July 15th, many of our office staff have used the past month to take some vacation time and get some well-deserved rest. We are now all back at work and focusing on helping clients with issues that sometimes get put on the back burner during tax season, such as setting up retirement accounts (see the featured video below). As a reminder, our office is open for in-person appointments. Per the current Virginia regulations, face masks are required for clients visiting the office. Phone appointments are of course still available for those who would prefer that option.

Transfer Documents Securely With Our Free Portal System

Did you know we can set up a free online portal for our clients that you can use to send us sensitive documents in a secure manner? It is much more secure than sending documents via email, and much faster than sending printed documents through the mail. Also, you will have access to all tax returns that we have filed for you in PDF form through the portal. This system is completely free to use. All you need to do to get it set up is call our office at 434-392-8311. We have had many positive comments from clients who recently set up their portal for the first time when our office was closed to in-person visits due to the pandemic. One frequent refrain is that people wish they hadn't waited so long to set up the portal because of how much easier it makes everything!

Featured Video: Small Business Retirement Plans Now that tax season is over, many of our clients are focusing on other areas of their financial plan not related to taxes (or, we should say, not directly related to taxes). This includes making sure they have fully funded retirement plans. In the video below, Ben describes two types of retirement plans available to small business owners.

Featured Resource: Guide to the Administration of Desendents' Estates in Virginia

If you are ever in the position of having to serve as the executor of an estate in Virginia, or if you suffer from chronic insomnia and are having trouble falling asleep at night, we have the perfect resource for you--a 48-page manual prepared by the Virginia Bar Association that tells you all about the process. It is available online or as a PDF download, and is updated annually to keep the information current. As we mentioned in the tax tip, we can help estate executors with their duties if they get overwhelmed with all of the information they need to learn!

Featured Customer: Ronnis Systems Inc.

Ronnis Systems Inc. (RSI) is a Virginia based educational consulting company founded in 2001 by Dr. Todd F. Forgette. With a commitment to achieving academic success with all scholars, RSI supports school improvement initiatives in the areas of; School Leadership & Teacher Effectiveness, Research-based Instructional Reform Strategies, Classroom Environment & Culture, Assessment, and Community-Oriented Schools. Our licensed educational consultants work with central office staff, administrators, specialists & coordinators, teachers and scholars throughout the implementation process in a collaborative manner that focuses on increasing strategic knowledge and use of best practices as they pertain to leadership and learning. Ronnis Systems Inc. is currently working across five States, supporting both traditional public schools as well as public charter schools.