Deceased Estates

This Deceased Estates software program caters for the tax years post death and before the estate is finally would up.  Although tax assessment programs such as WinTax cater for tax assessment calculations for a person right up until the date of death, a different tax program is required for those tax professionals working with taxes due for the “deceased estate” period.  You see, when a taxpayer dies, the taxpayer’s tax situation then moves to a deceased estate phase.  This deceased estate phase exists until the estate is eventually finalised when the executors will prepare a special assessment for the finalised estate.  The period between the taxpayer’s death and the estate being finalised often takes years. During this period, SARS has been losing out on taxes normally levied on income by way of interest, property rental income, CGT etc.  For this reason, SARS asks the tax professional to register the deceased estate with SARS, get a new tax number for the deceased estate and submit ITR12 returns for every year up until the estate is finalised. This Deceased Estates software program caters for these tax years post death and until the estate is finally wound up.  The Deceased Estate program follows SARS’s 43-page Guide to Estate Taxation including the changes to bank interest exempt amounts, changes to rebates and limited income and deductions etc.  The the program also offers extra fields and options to assist the tax professional in preparing assessments for Deceased Estates.  The Deceased Estates program offers full reports including brought forward and carried forward losses, and also…