Monday, April 28, 2014
The lesson to be learned from the recent Woodbury case is to take IRS due dates seriously.
Estate practitioners are well aware that is can be difficult to collect the necessary information to prepare the estate tax return (Form 706) within the nine-month time period allotted by the IRS. Because of this, the IRS allows a six-month extension obtained by filing Form 4768. But the IRS is unwilling to make any more exceptions, regardless of the reasoning for late filing. While some tasks can be delayed to other days, the timely filing of the estate tax return is not one of them.
See Patricia Tyler, Timely Filing of Estate Tax Returns Still Important, Lexis Nexis, Apr. 25, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.