Recent Articles

Form 1041

A form filed on an annual basis with the IRS identifying income related to certain types of trusts.

Form 1099-C: Cancellation of Debt

06/16/2014

If you received a 1099-C, the first question you ask is: ‘Do I have to include this in my taxable income?’  Well, the answer is ‘it depends’.  Not what you want to hear but there is a lot of variables involved in answering this question.  [...]

Estate Tax – The Basics

12/01/2013

Even after death, your heirs may still have to file a separate tax return for you with the Internal Revenue Service.  If your accumulated wealth is greater than $5.25 Million, then your executor must file Form 706 – The Estate Tax Return. This [...]

Form 1041 – Income Tax Return for Estates

03/05/2013

When an individual passes away, his/her will or trust identifies a representative to administer his/her estate.  This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local [...]

What is a K-1?

02/14/2013

A K-1 is a reporting tool to the Internal Revenue Service.  It is used by Partnerships, S-Corporations and Trusts to report the taxpayer’s share of income, deductions, and credits.  A K-1 is similar to Form W-2 or 1099 in that the information [...]

What is a Living Trust?

01/09/2013

A tool in estate planning used to minimize probate costs upon the death of the grantor is the living trust.   A Living Trust is created while the grantor is alive and typically is revocable in nature. It is designed to manage assets for the best [...]

What are Trusts?

01/03/2013

A trust is an agreement for one party to care for the assets of another party for the benefit of a third party.  In essence, it is a business agreement.  The person creating or the original owner of the assets is referred to as the Grantor.  The [...]