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Ohio Repeals Certain Estate Taxes at Midnight
BOARDMAN, Ohio – As of midnight, certain estate and gift taxes in the state of Ohio will be repealed, reminds Hill, Barth & King LLC, the Youngstown-based public accounting firm ranked that serves clients in 12 offices in Ohio, Pennsylvania and Florida.
The Ohio Department of Taxation recently circulated a reminder to Ohio taxpayers regarding estate taxes. For the estates of individuals who die on or after Jan. 1, 2013, all estate taxes will be repealed. Therefore, no Ohio estate tax returns should be filed for individuals dying on or after Jan. 1. However, the estate tax remains in effect for individuals who died before Jan. 1, and whose estate gross is greater than $338,333.
“This is a considerable issue and one which is worthy of note, particularly because those left behind to enact the wills and process the financial assets of loved ones who have died are often emotional and unable to concentrate on these types of details,” said Jim Dascenzo, CPA and principal in charge of the Youngstown office of Hill, Barth & King LLC.
Furthermore, no consent to transfer forms or tax waiver forms are required for transfers of assets belonging to individuals who died on or after Jan. 1, 2013, Dascenzo noted.
An application for consent to transfer property of a resident or nonresident decedent or application for consent to transfer the proceeds of insurance contracts, employer death benefits and retirement plans for resident and nonresident decedents must still be filed for estates in which the person died before Jan. 1, 2013.
Also, asset accounts with a value of greater than $25,000 per account will also require such applications, said Dascenzo.
Hill, Barth and King LLC ranks as the 83rd largest public accounting firm in the nation. HBK LLC has more than 280 employees who serve clients in 12 offices located throughout Pennsylvania, Ohio and Florida.
SOURCE: Hill, Barth & King LLC; “Ohio Estate Tax Update,” Ohio Department of Taxation, Dec. 1, 2012.
Published by The Business Journal, Youngstown, Ohio.
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