The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates  

Oleh:

Cohen, Karen S.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 213 no. 5 (May 2012), page 34-36.
Topik: Post Mortem Estate Planning; Guidelines; Accountants; Fiduciary Responsibility; Income Tax Returns

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.32 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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After a client passes away, there is much more to do than just prepare a final Form 1040, U.S. Individual Income Tax Return. Fewer accountants acting as fiduciaries are as adept at taking advantage of the alternatives available to them when preparing Form 1041, U.S. Income Tax Return for Estates and Trusts. What follows are the most important tips for doing so: 1. Select a fiscal year end for the estate. 2. Elect to include income earned in the decedent's trust on the estate's income tax return. 3. Manage distributions to minimize overall tax. 4. Prepare Form 1041 on the accrual basis. 5. Prepare a "first and final" return when possible. 6. Update basis of assets. 7. Claim an estate tax deduction for income in respect of a decedent. 8. Claim deductions in respect of a decedent on estate tax returns. 9. Set aside income from charitable assets. 10. Allocate estimated taxes from the final return.

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