Insight Financial Solutions, LLC

Description

Typically, yes because it is considered income with regards to the decedent. The tax is due by the recipient because the deceased had not paid the distribution's income tax. You may be entitled to a deduction for a segment of the estate taxes paid, if the account's value was incorporated in the estate tax return of the decedent.

"We have had a very positive experience with Ron Gustafson and his staff at Insight Financial. We became delinquent on our 941’s for $70,000. The IRS became extremely aggressive with us, visiting our home, and demanding a meeting. We discussed the situation and agreed to furnish the information as requested. The Revenue Officer told us if we followed the deadlines, there would be no action against us until they had time to review and develop a pay plan. Within 30 days we received a tax lien notice and they levied our business account.

At Insight Financial we are dedicated to providing our clients the most professional and knowledgeable representation in the industry today. We are committed to educating our clients with specific information from a qualified tax professional about what programs are available to them and how they work. Unlike our competitors who over sell and under deliver, our focus is on educating your business with realistic resolution strategies in accordance with the IRS Tax code and enabling you to make a responsible business decision.

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