Increase in Audits of Estate Tax Returns

Taxes - Illustration

Be careful when signing the federal 706 Estate Tax return.

According to Frank Byrt of Accounting Web:

The IRS scrutinized estate tax returns more than any category of individual tax returns in tax year 2011, at close to a 30 percent rate of examination, while individual income tax returns with $1 million or more in income saw a slight decline in audit coverage, according to the “2012 Internal Revenue Service Data Book,” issued March 25.

See the entire article at Accounting Web.

Creative Commons License photo credit: DonkeyHotey

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