Trusted Estate CPAs in Hoffman Estates, IL

Depending on the estate, several returns may be required: the deceased's final Form 1040, an estate income tax return (Form 1041) if the estate generates income during administration, and a federal estate tax return (Form 706) if the estate exceeds the exemption threshold. A CPA can identify which apply.

Estate CPAs specialize in the tax rules that apply after a death — inherited asset basis, trust taxation, estate tax exemptions, and post-death income reporting. These are complex, specialized areas that most general accountants rarely handle.

Fees vary based on the complexity of the estate and the number of returns required. Many estate CPAs charge flat fees per return or hourly rates. All listed on Autumn offer a free initial consultation to assess the estate's tax obligations.

When you inherit an asset, its cost basis is typically stepped up to its fair market value at the date of death — potentially eliminating significant capital gains tax if the asset has appreciated. An estate CPA ensures this is calculated correctly for every eligible asset.

As soon as possible after a death. Tax deadlines are tied to the date of death, not when you get around to filing, and missing them can result in penalties. An estate CPA will identify all deadlines and keep the estate compliant.