IRC Section 6161 provides for an extension of time to pay the federal tax. (In some cases, the extension can be up to 10 years). Does Georgia have such an extension of time to pay?
A. Yes. Georgia can grant an extension of time to pay under the same terms and conditions as the IRS grants under IRC section 6161 for payment of the federal tax. Submit a copy of your federal extension request. If the estate makes a partial payment of the federal estate tax, a like percentage of the Georgia tax should be paid at the same time. Interest on Georgia tax accrues at the rate of 1% per month or portion of a month, from the original due date through the date of payment, regardless of extensions. Q. Because a large portion of this estate is in a family farm or closely held business, we qualify, and are electing to pay that portion of the federal estate tax in installments under IRC section 6166. Does Georgia have this provision? A. No. Georgia ‘s law does not provide for installment payments, or for any exception to the 1% per month interest rate. The estate can apply for an extension of time to pay, under the regular terms of IRC section 6161.
Related Questions
- IRC Section 6161 provides for an extension of time to pay the federal tax. (In some cases, the extension can be up to 10 years). Does Georgia have such an extension of time to pay?
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