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The list of Internal Revenue Service (IRS) forms that can be digitally signed continues to grow. On August 28, 2020, the IRS issued a memorandum indicating that it would accept the use of digital signatures on various IRS forms because of the restrictions involved with the COVID-19 pandemic. In September 2020, it announced the addition of several more forms. Then, on April 15, 2021, the IRS announced it is extending the authorization to a large number of IRS forms until December 31, 2021. The IRS has not specified which digital signature product tax professionals must use but has advised that there are several commercial products available.
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'Very frustrating': Americans grapple with filing taxes for deceased relatives in a pandemic year yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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Determining the “fair market value” of assets for Gift and Estate Tax purposes can be a daunting task depending upon the nature of the asset to be valued. Valuing certain types of assets, such as real estate or tangible property, can be logical and easily approached by even the most inexperienced layperson. However, the process and detail required to value more complex interests in businesses can be a challenge. To enlighten the business valuation process, this post outlines some fundamental valuation principles and describes the various methods that might be employed to determine a business’s (a business interest’s) “fair market value.”
By Congressman Bob Latta (R OH5)
One of the most plainly unfair taxes in the entire U.S. tax code is the Estate Tax also known as the “death tax.” Even though American families pay taxes their entire lives income taxes, payroll taxes, Medicare taxes, capital gains taxes and more the federal government can’t help but reach its hands into their pocket one last time after they die to grab 40% of their hard-earned money.
The death tax creates real world problems for farmers, ranchers, and small business owners groups we can least afford to penalize during this economic recovery. In sectors that require high capital investments, like agriculture, families often have difficulty meeting tax requirements imposed by the death tax because their cash assets are much lower than the value of land, property, and equipment. In addition to the costs imposed at death, the death tax also has a stifling economic impact beforehand due to the cost preparation and planning need