Tax Law (Questions About Taxes)/Form 709

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Question
If my assets are very considerably less than the Estate Tax exclusion of $5 million, why is it necessary to complete Form 709. It does not make sense for people of modest means.....several hundred thousand dollars in assets to be forced to complete Form 709 (and need to pay for someone to complete it).It simply does not make sense to me.
What is the downside of not completing Form 709.
Can I not simply sign an oath to the IRS if questioned.

Answer
sort of like speeding.  no harm no foul if the tree falls and nobody notices.

the law is that you need to file a return.  true, no tax due if you dont. but i cant advise you to skip it but likely 99.99999% never any damage.  

in the 1 million'th chance you get audited, yah a penalty could apply.

not a big deal. but it is due and required.  

your call

and I only charge $500.... cant imagine any local cpa would charge much more

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Tax Law (Questions About Taxes)

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Expertise

Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

Experience

19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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AICPA, CSCPA (Ct society), National Tax,

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a bunch.

Education/Credentials
MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

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I don't disclose or kiss and tell

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