David M. Kaufmann, CPA
2831 Wyecliff Way
Does Your Tax Professional Know His Fiduciary (trust & estate) Tax Law?
Lets face it. It is hard to tell if a "professional" knows his stuff. So, how do you know if the guy that is about to prepare a trust or estate return for you knows his stuff?
I have a good test. Here is the question:
"When do you want the estate to have a shorter tax year than listed below?"
Note that the table below is for estate income tax returns, Form 1041, not estate tax returns, Form 706.
Only about one in twelve estate income tax returns are due on April 15!
Note: In almost all cases, trusts (not to be confused with estates) will have a December 31 year end.
Consider reviewing a Form 1041 checklist.
If you have questions about this, do not hesitate to contact us at 1-720-493-4804. We serve clients all over the country. A large portion of my business is preparing tax returns and tax planning for trusts, estates and beneficiaries of trusts and estates.
Circular 230 Notice:
The information contained here are simplifications of complex subjects. We recommend that you talk to a CPA about this issue.
To ensure compliance with requirements imposed by the IRS, we inform you that (i) any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.