ONESOURCE Trust & Estate Administration

 

 ONESOURCE Trust & Estate Administration

 

 FastFacts Newsletter

 ............................................................... 

 Thomson Reuters      

 

In This Issue
2010 and 2011 706 Release Information
ONESOURCE - ESI Collaboration
Upcoming Trade Shows
ONESOURCE Preparation Services
 

2010 706

Carryover Basis Training

 

 9/29/11 - 2pm EST

10/06/11 - 2pm EST

10/19/11 - 11am EST

10/25/11 - 11am EST

 

 

Webex Sales Seminars

 

 9/28/11 2pm EST

10/26/11 2pm EST

11/30/11 2pm EST

12/28/11 2pm EST

 

 
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THOMSON REUTERS ONESOURCE
SOFTWARE & SERVICES
YOU KNOW AND TRUST
 
2011 & 2010 706 Final Release and Training Information

Both the 2011 and the 2010 706 Final Releases are available, as well as a draft version of Form 8939 (the IRS anticipates releasing this form later this fall). To obtain these updates, just go to our website www.oteasoftware.com. The following training dates for the 2010 706 and Form 8939 are:

In addition, below is a list of state estate tax programs that are currently available at www.oteasoftware.com.



State Estate Tax Releases
  • NJ-706
  • NY DT ET-706
  • MA-706
  • IL-700
  • CT-706 & CT-706NT
  • MD MET 1
  • OH form 2
Inheritance Tax Programs
  • NJ-ITR
  • IN IH-6
  • PA Rev 1500
If you have not already done so, please visit our update notifications page here to setup a profile.

 

On September 13th, the IRS supplied the following:

 

IRS Offers Filing and Penalty Relief for 2010 Estates; Basis Form Now Due Jan. 17; Extension to March Available for Estate Tax Returns 

 

WASHINGTON - The Internal Revenue Service announced today that large estates of people who died in 2010 will have until early next year to file various required returns and pay any estate taxes due. In addition, the IRS is providing penalty relief to certain beneficiaries of these estates on their 2010 federal income tax returns. 

This relief is designed to give large estates, normally those over $5 million, more time to comply with key tax law changes enacted late last year. Revised versions of the estate tax forms are now available on IRS.gov, and the carryover basis form will be released this fall.

 

The IRS is providing the following relief:

 

Large estates, opting out of the estate tax, now will have until Tuesday, Jan. 17, 2012, to file Form 8939. This special carryover basis form, required of estates making this choice, was previously due on Nov. 15, 2011. Because this is a change in the specified due date rather than an extension, no statement or form needs to be filed with the IRS to have this new due date apply.

 

2010 estates that request an extension on Form 4768 will have until March 2012 to file their estate tax returns and pay any estate tax due. Normally, a six-month filing extension is automatically granted to estates filing this form, but extensions of time to pay are granted only for good cause. As a result, most 2010 estates that timely file Form 4768 will have until Monday, March 19, 2012 to file

Form 706 or Form 706-NA. For estates of those dying late in 2010 (after Dec. 16, 2010 and before Jan. 1, 2011), the due date is 15 months after the date of death. No late-filing or late-payment penalties will be due, though interest still will be charged on any estate tax paid after the original due date.

 

Special penalty relief is provided to many individuals, estates and trusts that already filed a 2010 federal income tax return, or obtained an extension and plan to file by the Oct. 17, 2011 extended due date. Late-payment and negligence penalty relief applies to persons inheriting property from a decedent dying in 2010, who then sells the property in 2010 but improperly reports gain or loss because they did not know whether the estate made the carryover basis election. Details are in Notice 2011-76, posted today on IRS.gov.   

 
EVALUATION SERVICES, INC. & ONESOURCE COLLABORATE TO FORM ESI DIRECT

What is ESI-Direct?
ESI-Direct is a modern solution to a 30 year old problem - how do I get date of death, alternate date, & market values into my estate tax or fiduciary accounting? The original solutions, which most practitioners still use and were designed in the 1980s, are terribly out of date.
Now, there is a better choice. ESI-Direct is a collaboration of ONESOURCE Trust & Estate Administration and ESI (Evaluation Services Inc.). Together, we created a solution which is fast, economical, scalable, and easy to use.
 
Here are some of the advantages of ESI-Direct:
 
1. Innovative Technology - "Cloud Computing"
   a. One application instead of two
   b. Internet service instead of software
      - No installation CD's
      - Always current
 
2. Simplified and faster work flow
   a. 50% fewer clicks
   b. Accepts Tickers, Sedols, & CUSIPs
   c. Automatically saves descriptive information to    

the common asset file.

 

3. "First Class" Customer Service
   a. One support desk instead of two
   b. Weekly ENewsletter

 

ESI Direct is here now and ready to impress you. With its ease of use and half the keystrokes of the older evaluation import process, you can be up and working in no time at all. Call 800-331-2533 to setup your account.
 

COME SEE US AT AN UPCOMING TRADE SHOW

 

Trade shows and professional conferences offer an ideal opportunity for us to meet with our clients and educate attendees on the software and services we provide. Stop by our booth to discuss the benefits of using our software and/or services and to learn what is new at ONESOURCE Trust & Estate Administration.

 

Throughout the year you can see us at 20 different trade shows across the country.  Look for us in the coming months at the following events:

 

10/13/2011 - 10/14/2011 National Federation of Paralegals - Blomington, MN 

 

10/13/2011 - 10/14/2011 Duke University Estate Planning Conf. - Durham, NC 

 

10/24/2011 - 10/26/2011 PA Bankers Wealth Management & Trust Conf. - Hershey, PA 

 

10/27/2011 - 10/29/2011 Southern California Tax & Estate Planning - San Diego, CA 

 

10/31/2011 - 11/01/2011 Wa. State Bar - Estate Planning Seminar - Seattle, WA 

 

11/16/2011 - 11/18/2011 NAEPC - 48th Annual Conference - San Antonio, TX   

 
ONESOURCE PREPARATION SERVICES 

 

ONESOURCE Trust & Estate Administration has over 35 years of experience in providing preparation services for both fiduciary accounting and tax matters. If your firm is dealing with an overflow of work, we can be the perfect 'back office' solution to assist you.

 

Our dedicated staff of fiduciary accountants and tax specialists can prepare any matter, large or small. Even the most unique and complex accountings and tax matters are handled with the highest degree of expertise.

 

Learn more at one of our upcoming WebEx Sales Seminars, being held at 2PM EDT on each of the following dates. To sign up for one of these session, just click the link related to the date you would like to attend and fill in the appropriate information on the registration form.  

ONESOURCE Trust & Estate Administration

 

To contact us:

 

Sales:

    Phone:  (800)331-2533

    Email:   ONESOURCESales.TrustEstate@thomsonreuters.com 

    
Support: 

    Phone:  (800)488-5567

    Email:   ONESOURCESupport.TrustEstate@thomsonreuters.com 

 

Address:

    6 East Clementon Road

    Suite E-1

    Gibbsboro, NJ 08026