Chicago Accounting Articles

Updated July 21, 2015   Estate and Trust Accounting Chicago Illinois Almost twenty years ago, I picked up my first estate and trust accounting case. I went to a small private high school on Chicago’s North Side, and one of … Continue reading →

Updated July 24, 2015   Estate and Trust Tax Rates Chicago Illinois   Tax Rate Schedule for Trusts and Estates For Tax Years beginning in 2011 If Taxable Income is Over But Not Over The Tax Is Of The Amount … Continue reading →

Updated July 24, 2015   Estate Tax Credit Chicago Illinois   What is the Estate Tax Credit?   The estate tax credit in 2014 is over $5,000,000. Estates valued under this amount are not required to file form 706, the … Continue reading →

Updated July 22, 2015   Trust Beneficiary Chicago Illinois   A trust beneficiary is someone who benefits from a trust. A trust is a separate taxable entity usually involving an arrangement created by either a will at the creator’s death … Continue reading →

Updated July 22, 2015   What kind of trust is best for me or my situation in Chicago Illinois?   There are over fifteen different types of trusts, which are very generally divided into two categories. Simple trusts and complex … Continue reading →

Updated July 22, 2015   Estate Income Tax / Estate Tax / Estate Tax Return Chicago Illinois   Form 1041 or The U.S. Income Tax Return for Estates and Trusts is the form used in this instance. An estate can … Continue reading →

Updated July 22, 2015   What is a Trustee Chicago illinois   A trustee of a trust is a legal entity who has been given authority to administer property for the benefit of beneficiaries. There may be more than one … Continue reading →

Updated July 22, 2015   Trust Tax Return Chicago Illinois   IRS Form 1041 is the information return used to report income on trusts. Any trust which has taxable income or that receives more than $600 in a given tax … Continue reading →

Updated July 22, 2015   Trust Accounting Income / Estate Accounting Income Chicago Illinois   The taxable income of a trust or an estate is computed similarly to that of an individual.   Gross income is computed as if it … Continue reading →

Updated July 22, 2015   Income in Respect of Decedent Chicago Illinois   Income in respect of a decedent is all amounts to which the decedent was entitled in gross income, but which were not included in computing taxable income … Continue reading →