When Should Form 8971 be filed?

within 30 days
Generally, Form 8971 and Schedule A must be filed within 30 days of filing the estate tax return or the due date of the estate tax return [IRC section 6035(a)(3)(A)(i-ii)]. This reporting requirement can prove difficult for executors because some beneficiaries may not be known by the return due date.

What does the IRS consider reasonable cause?

Reasonable Cause is based on all the facts and circumstances in your situation. We will consider any reason which establishes that you used all ordinary business care and prudence to meet your Federal tax obligations but were nevertheless unable to do so.

Is form 8971 still required?

A supplemental Form 8971 and corresponding Schedule(s) A may, but aren’t required to, be filed once the distribution to each such beneficiary has been made.

Do you report cash on form 8971?

10. Do you have to report cash and cash equivalents on Form 8971? No. There are four types of assets that are excluded on the form: cash, IRD, certain tangible personal property and property that is sold, exchanged, or otherwise disposed of in a transaction in which capital gain or loss is recognized.

Can you get the IRS to drop penalties and interest?

Is Interest Relief Available? The IRS doesn’t abate interest for reasonable cause or as first-time relief. Interest is charged by law and will continue until your account is fully paid. If any of your penalties are reduced, we will automatically reduce the related interest.

What is a factor 13 deficiency?

Summary Summary. Listen. Factor XIII deficiency is an extremely rare inherited blood disorder characterized by abnormal blood clotting that may result in abnormal bleeding. Signs and symptoms occur as the result of a deficiency in the blood clotting factor 13, which is responsible for stabilizing the formation of a blood clot.

What is factor XIII deficiency?

Summary#N#Summary. Factor XIII deficiency is an extremely rare inherited blood disorder characterized by abnormal blood clotting that may result in abnormal bleeding. Signs and symptoms occur as the result of a deficiency in the blood clotting factor 13, which is responsible for stabilizing the formation of a blood clot.

What is the F13B gene mutation?

Mutations of the F13A1 or the F13b gene result in deficient levels of functional factor XIII, which causes blood clots to be weak and unstable resulting in fast breakdown. For years, it was believed that factor XIII only played a role in helping to stabilize the formation of blood clots.

What is the role of acquired inhibitors in XIII deficiency?

Acquired inhibitors have been reported in only two cases with inherited XIII deficiency. Acquired XIII deficiency has been described in a variety of diseases and bleeding has been controlled by therapy with large doses of XIII in such conditions as Henoch-Schönlein purpura, various forms of colitis, erosive gastritis and some forms of leukaemia.