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Form 706 for Kansas City Missouri: What You Should Know

As a result of the 2023 tax law (FAR), taxpayers are not eligible for tax due on their 2023 estate and/or child tax credit payments. The 2023 federal estate tax will be adjusted for inflation beginning in January 2021. What are the tax consequences of failing to file a Form 706? If you do not file a Form 706 with IRS before the due date, there are consequences for the estate tax liability in the following year. You'll be assessed a 10,000 penalty for the first year, rising to 25,000 for years 2 through 5. The first 10,000 of estate tax due is reported in box 14 of the Form 706 to the IRS by the executor on Forms 706-A, 706-B, and 706-C. Thereafter, any additional estate tax liability reported in box 14 of the Form 706 is reported in box 15 of the Form 706 to the IRS by the executor on Forms 706-A, 706-B, and 706-C. You'll be liable for the following: 17,500 for taxable gifts, estates, and surviving spouse's taxable gifts. For gifts other than taxable gifts, the amount to be reported by the executor is 9,000 (11,500 for estates), rising to 15,000 for taxable gifts. For taxable gifts, the amount to be reported by the executor is 20,000 (25,000 for estates) rising to 30,000 for taxable gifts for the survivor. Any amount on this line not paid to the IRS by the surviving spouse as of the filing of the 2023 Form 706-A or the 2023 Form 706-C, by the executor within 1 year after the date of death, will be treated as untamed gifts from year-end. In years 2 through 5, when the estate or survivor's taxable gift or estate-tax return is filed, there will be a 10,000 penalty assessed against the taxable gross estate (the sum of the taxable gifts, taxable estates, and estate-tax returns) or 10,000 assessed twice against the surviving spouse in the case of a tax year in which the surviving spouse's taxable gifts are over 50,000. The penalty for years 2 through 5 does not apply if the amount is paid within 1 year after the date of death.

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