Massachusetts Formal Checklist

State:
Massachusetts
Control #:
MA-SKU-0656
Format:
PDF
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Description

Formal Checklist

The Massachusetts Formal Checklist is a document issued by the Massachusetts Department of Revenue which provides businesses with a summary of all applicable state taxes and associated filing requirements. It is intended to help businesses understand the state tax laws and regulations, and to ensure that all required taxes are paid and filed in a timely manner. The checklist is divided into two parts: the Federal Tax Schedule and the Massachusetts Tax Schedule. The Federal Tax Schedule outlines the taxes, filing requirements, and due dates associated with federal taxes, such as income tax and payroll taxes. The Massachusetts Tax Schedule outlines the taxes, filing requirements, and due dates associated with state taxes, such as sales and use tax, meals tax, room occupancy excise, and corporate excise. Both schedules also indicate the type of return or form that must be filed and when it is due. There are three types of Massachusetts Formal Checklist: the Annual Checklist, the Quarterly Checklist, and the Monthly Checklist. The Annual Checklist is issued once a year and summarizes all applicable state taxes and associated filing requirements. The Quarterly Checklist is issued four times a year and summarizes taxes and filing requirements for the current quarter and the three succeeding quarters. The Monthly Checklist is issued each month and summarizes taxes and filing requirements for the current month and the two preceding months.

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FAQ

The probate process can take about 12-18 months. Per Massachusetts law, ?an estate must be probated within three years.? Many factors can delay the probate process. As a Massachusetts probate lawyer, I can help work to avoid the delays and ensure that any complications that occur are resolved quickly.

Factors That Cause Delays in the Probate Massachusetts law gives creditors a year to make a claim against the estate regarding the payment of the debt. If a creditor's claim has been rejected by the executor, the creditor has another 12 months from the date of the rejection to sue the estate.

If the person died without a will, you can still proceed with informal probate if there is no dispute regarding the identity of the heirs. Formal probate means that the estate must be opened by filing a petition for a hearing before the probate court and can mean continued involvement of the court.

Below are 4 options for closing down an estate in Massachusetts. Option 1 ? Not filing Anything.Option 2 ? Filing a Small Estate Closing Statement.Option 3 ? Filing a Closing Statement.Option 4 ? Petition for Complete Settlement of Estate.

Is there a deadline to probate an estate? The general rule is that an estate has to be probated within 3 years of when the decedent died.

How to Avoid Probate in Massachusetts Forming a Trust. A trust allows a third party ? the trustee ? to hold assets on behalf of beneficiaries.Joint Tenancy.Making Property Automatically Transfer on Death.Using Pay on Death (POD) Bank Accounts.Setting Up a Life Estate for Real Estate.

Typically, you have to probate the decedent's estate if you need to: Find out if the decedent's will is valid. Change the title (ownership) of real estate or personal property, such as bank accounts, stocks, or bonds, that is only in the decedent's name without any right of survivorship.

Massachusetts probate follows this general flow: contact the court, get appointed as personal representative, submit will if it exists, inventory and submit valuations of all relevant assets, have the court and beneficiaries approve it, and then distribute the assets to beneficiaries.

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Massachusetts Formal Checklist