As more taxpayers put trusts and other estate planning tools to work, tax practitioners are seeing more use of Form 1041, the fiduciary income tax return. The IRS notes the numbers for Form 1041 are growing every year. Practitioners are seeing an increased need to understand the ins and outs of these returns, as well as the tax fundamentals of trusts and estates that are necessary to put together an accurate Form 1041. A lifetime of planning and hard work can come down to proper compliance on Form 1041. CCH’s 1041 Preparation and Planning Guide by Sidney Kess, J.D., CPA and Barbara Weltman, J.D.,provides a concise, practical, line-by-line guide to the 1041. In this month’s Focus on Tax we offer you Chapter 1 from the Guide which discusses the fundamentals of taxation for trusts and estates and serves as a primer on the basics for the Fiduciary Income Tax Return.
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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.
Read this article from CCH’s Journal of Taxation of Financial Products.