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   Gift Tax Return/Generation Skipping Tax Return/Form 709 Chicago Illinois   The United States Gift and Generation Skipping Transfer Tax Return or Form 709 is the return used when any donor transfers a gift over the … Continue reading →

Updated July 22, 2015   Fiduciary Returns and Responsibilities Chicago Illinois   A fiduciary is a person who occupies a position of special trust towards another, holding trust property in which another has a beneficial title or interest. Fiduciaries also … Continue reading →

Updated July 22, 2015   Trust Financial in Chicago Illinois   Trust financial statements and the financial reporting requirements of trusts are very similar to the financial statements and financial reporting requirement of other income producing entities. The only difference … Continue reading →

Updated July 22, 2015   Charitable Trust Chicago Illinois   Charitable Remainder Trusts exist whenever there is a noncharitable income beneficiary of a trust. The gifts of remainder interests will qualify for a charitable contribution deduction only if the trust … Continue reading →

Updated July 22, 2015   What is a Trust Chicago Illinois   A trust is a living, breathing entity under the law which generally, holds title to an asset or group of assets.   The most difficult concept for most … Continue reading →

Updated July 22, 2015   Grantor Trust Chicago Illinois   A Grantor Trust is any trust where the grantor is the effective beneficiary. Income which is attributable to the portion of trust principal treated as owned by the grantor is … Continue reading →

Updated July 22, 2015   Trust income tax rates Chicago Illinois   Income taxes rates on trusts are high. Currently, at the Federal level alone, a trust begins paying income tax around $2,300 in income (15%), and goes into the … Continue reading →