Institute for Paralegal Education
eNewsletter July 2019
Volume 13, Issue 9

Inside This Issue...

Helpful Resources

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Tools of the Trade

Top Ten Practice Tips for Paralegals: Tax and Accounting Issues in Estates
guest author: Kimberly A. Herrick

  1. Necessary Forms. During the initial consultation, have the personal representative or trustee fill out Form 8821 (Tax Information Authorization) or 2848 (Power of Attorney), depending upon whether the representation will involve representing the estate or trust before the IRS (as opposed to just requesting transcripts).
  1. IRS Transcripts. There are several types of transcripts that may be requested from the IRS:  Account Transcripts, which are generally available for all tax years, and show balances due as well as all transactions on an account; Tax Return Transcripts which are generally available for the three prior tax years and show the information which appears on the actual tax return and any adjustments; and Wage and Income Transcripts, which are not considered complete until July following the end of a tax year. A Record of Account is an Account Transcript and a Tax Return Transcript together.
  1. Tax Return Copies and Recreating Prior Year Returns. If prior year tax returns cannot be located, Tax Return transcripts as well as Wage and Income transcripts can provide prior year income and return information. If actual return copies are needed, Form 4506 can be filed at an expense of $50 per return requested.

View Full Article... [cToolsOfTheTradeJuly2019.htm]

Quick Tips

How Ethical of a Paralegal Are You?
guest author: Jenna M. Prosceno

Have you ever been pulled aside at a family gathering by someone needing legal guidance and given your opinion? Have you ever forgotten to disclose in a phone call with a potential client that you are a paralegal and not an attorney? Have you ever notarized something that is already signed that your attorney tells you he/she personally witnessed? Did you ever shop talk with friends over lunch and give too many details about a new client or case? If you have said yes to any of the above, you should probably review the code of ethics for paralegals.

View Full Article... [cQuickTipsJuly2019.htm]

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