Tax Tip of the Month: Getting Help as 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. However, the good news 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 October's picture of the month is one that Ben took in Randolph County, West Virginia on the way to a caving trip. "Almost heaven", indeed!

Latest Firm News

This month, we are working on finishing up the individual tax returns for 2018 for those who received an extension on their returns. It might surprise some people to know that as long as you don't owe any money to the IRS, there is no penalty for filing a late return by the October 15th deadline--as long as an extension was requested and granted.

Featured Video: In this month's video, the IRS has some reminders for people who requested an extension to file their tax returns. Those returns are due on October 15th. Click the link below to watch the video.

Featured Resource: The Virginia Bar Association's Guide to the Administration of Decendent's Estates

In keeping with the theme of our tax tip for the month, one great resource for estate executors in Virginia is the guide published by the Virginia Bar Association. It has a wealth of information including definitions of key terms, an explanation of the probate process, and much more. You can find the entire guide online here .

Featured Customer: Elder & Watkins

Elder & Watkins, P.C. was established in December of 2016 when Gary Elder and David Watkins, both experienced attorneys in Southside Virginia, decided to form a partnership that could offer the type of personalized, efficient legal representation their clients sought. In January of 2018, the firm expanded by adding Matt Friedman, who had previously served as an Assistant Attorney General for the Commonwealth of Virginia. The attorneys at Elder & Watkins, P.C. are passionate about obtaining the best results possible for each client. Meeting those needs requires taking the time to listen and understand fully each client’s individual situation. Just as the client’s needs are one of a kind, the solutions are as well. It requires insight and creativity to match the solution to the situation, which is exactly the Elder & Watkins approach. Click here for more information.