Unaware executors may be exposed to potential personal liability.
The Internal Revenue Service has issued proposed regulations establishing a $67 fee for the issuance of an estate tax closing letter (also known as an IRS Letter 627). 
 
These letters provide an executor of an estate with evidence that the IRS has accepted a filed Form 706, “United States Estate (and Generation-Skipping Transfer) Tax Return,” and that the agency has closed its examination of the return...

The year 2020 was a continuous lesson in the need to prepare for the unpredictable. From the pandemic to natural disasters, businesses have faced numerous challenges that could force them to close. The most common emergencies that businesses typically face fall into three categories:

1. Natural disasters such as floods, fires, and earthquakes
2. Medical emergencies such as the current COVID-19 pandemic
3. Human-caused accidents resulting in physical or technological damage

 
The Small Business Administration estimates that 25 percent of businesses fail to reopen after an emergency or disaster.[1] In light of this uncertain period, it is essential to take proactive steps to prepare your business for an emergency. Here are the six main things you should keep in mind as you develop your business’s emergency plan...