Any trust required to file Federal Form 1041 (except for revocable or grantor-type trusts) must obtain a Taxpayer Identification Number (TIN). A TIN for a decedent’s estate is needed if the estate ...

The IRS requires a means to identify taxable entities, whether that person is a person or an organization. Social Security numbers (SSNs) are the primary way of identifying people for tax purposes.

In the year that a taxpayer dies there may still need to be one or more tax returns that are required to be filed after their death. The need for these filings is dependent upon the income that the ...

Beginning in 2018, individual taxpayers did NOT get deductions for miscellaneous itemized deductions on Schedule A of form 1040. The Tax Cuts and Jobs Act of Dec. 22, 2017 eliminated those deductions ...

More Americans are dealing with estate and trust taxes as their baby boomer parents and older loved ones pass away. The number of income tax returns for estates and trusts (Form 1041) increased by ...

With another tax season recently behind us, the Internal Revenue Code and its many reporting requirements are fresh in our minds. Do you encounter beneficiaries who want to know why you need so much ...

Q. I’m a trustee selling a home in irrevocable trust for a parent who died. Two beneficiaries who will get sale proceeds with a stepped-up basis. I’m filing Form 1041 but or do I still have to file a ...

I have a simple Trust left to me by my father upon his death. He left a simple trust and I received $90,000 from it. I used $60,000 to payoff my mortgage. Will I be required to pay taxes on any of ...