If you are currently in the process of making an application to the IRS for a Federal Transfer Certificate (also referred to as form 5173), you may not be aware of the significant amount of time the process can potentially take, not to include the many documents and forms which you are required to submit.
A Federal Transfer Certificate is used to authorize the transfer of property located in the US and is required before most institutions will begin to distribute any assets, therefore if you are the executor of an estate outside of the United States which holds US assets with a value of over $60,000 at the date of death, applying for IRS clearance is the first obstacle to overcome as most institutions will also require you to obtain a Medallion Signature Guarantee in order to release the assets.
The IRS website states that the time frame to process an Estate Tax return is six to nine months, however with the longest government shut down in history back in 2018/2019 lasting 35 days, as well as the impact of the Coronavirus outbreak, both creating a backlog, delays are most definitely expected.
Whether its IRS Tax Clearance that you require assistance with, or simply obtaining the Medallion Signature Guarantee, our team have a vast range of experience and knowledge in this field, allowing us to take the stress out of your administrative duties.
Contact us on 0203 985 9551 to speak with an expert.