What Is the Accounting?
After filing the affidavit of notice and the inventory, you will need to submit an accounting (also called an “account”) detailing how you have handled the assets that were listed on the inventory. In addition to the cover sheet (Form CC-1680), you will need to include itemized lists of certain items, as noted on the cover sheet. These lists will be included on additional sheets of paper. Although these itemized lists can be handwritten, most people create a simple spreadsheet to list these items. If you choose to handwrite the accounting, please write neatly in either blue or black ink.
How Many Accountings Must I File?
Although most estates can be finalized quickly enough that only one accounting needs to be submitted, it is possible that you will have to submit two, three, or more accountings. Each accounting should cover a twelve-month period. (The precise ending date of the accounting may be adjusted to correspond to the ending date of the monthly bank statements for the estate account, if necessary.) The first accounting will cover the first year following the date of qualification, the second accounting will cover the second year following the date of qualification, and so forth. An accounting may cover less than a full year.
Example 1. You qualified as executor on January 2, 2012. Your first accounting will cover the period from January 2, 2012 to January 1, 2013.
Example 2. You qualified as executor on January 2, 2012. The bank statements for the estate account end on the fifth of each month. Your first accounting will begin on January 2, 2012 and may (but need not) end on January 5, 2013 rather than January 1, 2013.
Example 3. You qualified as executor on January 2, 2012. Your first accounting covered the period from January 2, 2012 to January 1, 2013. You were not able to finalize the estate before January 1, 2013. However, you only needed a few more months, and you finalized the estate on May 15, 2013. Your second accounting will cover the period from January 2, 2013 to May 15, 2013.
When Is the Accounting Due?
The first accounting and filing fees must be submitted to the Commissioner no later than sixteen (16) months after your date of qualification.[1] Subsequent accountings must be submitted no later than four months after the close of each twelve-month accounting period.[2]
Example 4. You qualified as executor on January 2, 2012. Your first accounting (usually covering the period from January 2, 2012 to January 1, 2013) will be due sixteen months later, that is, on May 2, 2013.
Example 5. You qualified as executor on January 2, 2012. Your first accounting, which covered the period from January 2, 2012 to January 1, 2013, was due sixteen months later, that is, on May 2, 2013. You properly submitted your first accounting before then. However, you were not able to finalize the estate before January 1, 2013. Therefore, you will need to file a second accounting, which will cover the period from January 2, 2013 to January 1, 2014. Your second accounting will be due four months after the close of the twelve-month period covered by the second accounting (January 1, 2014), in other words, on or before May 1, 2014.
Example 6. You qualified as executor on January 2, 2012. Your first accounting, which ordinarily would cover the period from January 2, 2012 to January 1, 2013, was due sixteen months later, that is, on May 2, 2013. You properly submitted your first accounting before then. However, because the monthly bank statement for the estate account ends on the fifth of each month, you chose to have your first accounting cover the period from January 2, 2012 to January 5, 2013. You were not able to finalize the estate before January 5, 2013. Therefore, you will need to file a second accounting, covering the period from January 6, 2013 to January 5, 2014. Your second accounting will be due four months after the close of the twelve-month period covered by the second accounting (January 5, 2014), in other words, on or before May 5, 2014.
Of course, if you receive a letter from our office providing you with a specific due date, you should use the due date stated in the letter.
Are There Filing Fees?
As with the inventory, filing fees are required when submitting the accounting. If you need to submit more than one accounting, filing fees are required for each accounting. You should ensure that you have set aside sufficient funds to pay the filing fees before you make the final distributions to the beneficiaries of the estate. Please contact our office for help in determining the correct amount of filing fees that will be due.
How Do I Print the Accounting Summary Sheets?
You must print the accounting summary sheets using the green “Print” button located on the form itself. Do not use your browser’s “Print” button, as this will cause the form to print with gray shading in all of the boxes to be filled out. Accounting summary sheets printed with gray shading are not acceptable for filing.
Special Note for Chrome Users. We have noticed an issue where the form’s green “Print” button does not remove the gray shading when using Google Chrome’s built-in PDF viewer. (Chrome is a web browser, like Internet Explorer. If you are using Internet Explorer, this issue should not affect you.) If you open the form using another PDF viewer, such as Adobe Reader, the green “Print” button should work properly.
What Documentation Must I Provide to Support the Accounting?
You must provide documentation for each transaction that you list on the accounting. This documentation usually takes the form of bank statements, cancelled checks or check images, receipts, bills, and so forth. You are required to provide the originals of these documents. Printouts from online banking services are not accepted. This documentation will be returned to you once the Commissioner completes his review of the accounting.
Which Transactions Must I List on the Accounting?
You must individually list each and every transaction that affects the estate’s assets under your control.
Example 7. The bank at which you have opened up the estate account pays interest of $0.74 in January, $0.72 in February, etc., for a total of $10.15 paid in interest for the entire year. When you prepare your accounting, you must individually list each monthly interest payment. In other words, the accounting must show interest of $0.74 in January, interest of $0.72 in February, etc. You may not merely state that the estate received $10.15 in interest for the year.
May I Round Off Numbers Like I Would When Submitting Tax Returns to the IRS?
No. All transactions on the accounting must be correct to the penny.
Where Can I Find More Information?
For further guidance, please consult the official instructions for the accounting or contact our office with any questions.
You may also wish to visit our page about how to show stocks on the accounting.