Step #5: INITIAL TAX CONSIDERATIONS AND ACTIONS - DISCUSSION
There are several initial tax actions you should take, including obtaining a Federal Employer Identification Number, seeking tax clearance on all filed personal tax returns with IRS and Virginia, seeking tax clearance from county and city tax authorities, selecting a tax year, valuing assets as of date of death, and more.
2. Forms and Checklists
3. Video Tutorial
Season 1, Episode 6 of "How to Probate an Estate",
terview Chantilly CPA Frank Stitely about the initial tax actions that should be taken or at least considered, including the selection of a tax year for the estate, the need to obtain an Federal Employer Identification Number [FEIN] and how to apply for same via the mail or online, notice to the IRS of Fiduciary Relationship, how to verify that the decedent has filed all tax returns and paid taxes due to the federal, state and local tax authorities, how to get the IRS to act promptly [relative term] in reviewing filed tax returns, and much more. Frank reviews specific forms, including IRS Forms SS-4, 56, 4806-T, W-9, 1041, and 4810. See Television Show Tab for a VIMEO link to this show at TPN Season 1, Episode 6.