Estates



If you have been appointed as an executor or administrator of an estate, this can seem like an overwhelming responsibility. From the time you qualify as personal representative at the Clerk of the Circuit Court's office (probate division), there are accounting and tax reporting requirements that must be addressed by specified deadlines set forth by the Circuit Court, the Office of the Commissioner of Accounts, the Internal Revenue Service, and the Virginia Department of Taxation. Estate Accounting Solutions is prepared to handle all reporting requirements in a timely manner, to relieve you, the personal representative, of this often stressful and complicated obligation. Estate Accounting Solutions can prepare the following reports for the Estate:

Notice Regarding Estate

Must be mailed to all heirs or beneficiaries of the estate within 30 days of the Date of Qualification.
Notice Regarding Estate

Affidavit of Notice Regarding Estate

Must be notarized and is due to the Clerk of Court within 4 months of the Date of Qualification.
Affidavit of Notice Regarding Estate

Inventory for Decedent's Estate

Due to the Commissioner of Accounts within 4 months of the Date of Qualification.
Inventory for Decedent's Estate

First (and Subsequent) Account for Decedent's Estate

Due to the Commissioner of Accounts within 16 months of the Date of Qualification, covering a period not to exceed 12 months.
Account for Decedent's Estate 

Final Account for Decedent's Estate

Due to the Commissioner of Accounts within 16 months of end of previous accounting period.
Account for Decedent's Estate 

Statement in Lieu of Settlement of Accounts

Only certain estates qualify for this limited reporting obligation, due to the Commissioner of Accounts no earlier than 6 months but no later than 16 months after the Date of Qualification.
Statement in Lieu of Settlement of Accounts

Federal Form 1041 "U.S. Income Tax Return for Estates and Trusts"

Due to the Internal Revenue Service by April 15th following each calendar year in which the estate earns more than $600.00 in gross income.

Virginia Form 770 "Virginia Fiduciary Income Tax Return"

Due to the Virginia Department of Taxation by May 1st following each calendar year in which a Federal return is required to be filed.