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September 2011

TAX FORM 4768 DUE TODAY TO RECIEVE EXTENSION

Form 4768 must be filed by September 19, 2011 to obtain automatic six-month extension to file an estate tax return and pay estate taxes for decedents who died after December 31, 2009 and before December 17, 2010.

States did not necessarily extend their estate tax returns to coincide with the federal deadlines. Consult each state law to avoid or minimize penalties for late filing of state estate and inheritance tax returns.

For more information:

http://www.journalofaccountancy.com/Web/20114581.htm


PATENT REFORM BILL HEADS TO PRESIDENT FOR SIGNATURE

Yesterday, 9/8, the U.S. Senate passed the House’s version of H.R. 1249 the American Invest Act, a comprehensive patent reform bill that includes language to stop the U.S. Patent and Trademark Office from issuing patents for tax strategy methods.

AICPA, TSCPA and other state CPA societies celebrate more than five years of collaborative effort to help educate Members of Congress on the need to avoid a monopoly on tax compliance methods for anyone. Texas especially appreciates House Judiciary Committee Chairman Lamar Smith (R-21) for crafting the pro-taxpayer provision, and for considering it a priority in the legislation.