November 28, 2012. San Francisco, CA. Safe Harbor CPAs, a leading San Francisco CPA firm, has bolstered its estate and inheritance tax planning services as clients worry about negative changes in the federal estate tax due to the “Fiscal Cliff” in Washington. If the US Congress doesn’t act in the current session, on January 1, 2013, the current $5.12 million per-person exclusion from the federal estate and gift tax will automatically drop to $1 million and the tax on transfers above that amount will increase from 35% to up to 55%.

Inheritance Tax Changes 2013 - San Francisco, CA

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“Now that the elections are over, people are waking up to possible major tax increases including in the federal estate or inheritance tax rates,” commented Chun Wong, CPA, managing partner at Safe Harbor LLP. “Many San Francisco residents are wealthy enough to need estate, inheritance, or gift tax planning to avoid negative tax consequences for their heirs. Our enhanced services help with that need.”

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Estate and Gift Taxes – The Big Picture

Striving to be the best CPA firm in the bay area, Safe Harbor LLP is alerting its clients to the upcoming deadline to plan and take a $5.12 estate and gift tax deduction before this generous exemption expires at the end of 2012.

Generally, when a deceased person’s estate value exceeds $5.12 Million, a federal form 706 (U.S. Estate and Generation Skipping Transfer Tax Return) must be filed within nine months after the deceased person’s date of death and any due taxes paid at that time. In most circumstances, one or more additional filings state income and trust tax return(s) are also due at that time. Failure to file the returns and/or pay the tax due in a timely manner could result in loss of tax benefits and significant additional penalties and interest. The amount saved can be as high as 10% to 15% of the gross estate.

If a client would like Safe Harbor LLP CPA’s to prepare the estate and/or income tax returns, they can contact the CPA firm at info@safeharborcpa.com for a free initial 15 minute consultation that could lead to huge savings.

About Safe Harbor LLP – a Professional CPA Firm in San Francisco

Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.

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