STEVEN C. RESUTA | Certified Public Accountant
Full Service Accounting & Tax
We help businesses save taxe$ & increase profit$!

369 N. Market St.
Elysburg, PA  17824
(570) 672-1040
FAX (570) 672-1247

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Paulina do Coração Agonizante de Jesus (1865-1942)

Local CPA helps area businesses save taxes and increase profits $$$!

Estate, Gift, Trusts and PA Inheritance Tax Services

Estate, Gift, Trusts and PA Inheritance Tax are highly specialized tax returns.  All tax preparers are not created equal.    When you select Steven C. Resuta, CPA you can be assured that your Estate, Gift, Trusts and PA Inheritance tax returns are being prepared at the highest level of competence.   A CPA, or certified public accountant, is licensed by a state authority to practice public accounting.  CPAs are distinguished from other accountants by stringent licensing requirements. CPAs take continuing professional education annually to retain their professional licenses to practice and to “stay on top of their game”. The Tax laws in Washington, D.C. and Harrisburg change frequently.  Furthermore, CPAs are governed by a Code of Professional Conduct - one of the most exacting of any profession - which stresses independence, integrity, objectivity, technical competence and adherence to professional standards. This Code emphasizes the CPA's commitment to serving and protecting the public interest.

Just for your information (FYI)...

One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent's entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on individuals receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death.

Gift tax laws are generally designed to prevent complete tax avoidance by gifting.  The Federal Estate Tax is integrated with the Federal Gift tax so that large estates cannot be shielded from taxation by lifetime giving. Many states also impose an estate tax or inheritance tax (PA).   Most transfers of property or property interests without adequate consideration are gifts subject to gift tax. Gifts can include transfer of cash or property, payments made to third parties on behalf of another, interest-free loans, below-market sales, irrevocable transfers to trusts, and creation of certain joint tenancies. A transfer is only subject to gift tax when the gift is complete—that is, when the donor no longer has the power to change its disposition.

Gifts are taxed in the calendar year made and valued on the date they are completed.

Generally, the Gift Tax applies to any transfer made without receiving value in return and without regard to intent.

A trust is a legal entity in which title to property is held by one person for the benefit of another. The terms and conditions of a trust are set out in the written instrument that creates the trust, usually a will or trust agreement. Every trust is also governed by the laws of the state or other local jurisdiction in which it is established.  The governing state law is usually designated in the written instrument. The laws of that state govern the trust if a term is not addressed by the written instrument or if a dispute arises.  Most trusts must file tax returns for each calendar year in which the trust has taxable income (Form 1041). Taxable income distributed to beneficiaries is passed through to them on Schedule K-1. The trust pays tax on income retained in the trust. If a grantor retains sufficient control of trust assets, however, income on those assets is taxed to the grantor rather than the trust or beneficiaries.

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