Chicago Accounting Articles

Estate and Trust Accounting Chicago Illinois

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

Comments Off on Estate and Trust Accounting Chicago Illinois

Estate and Trust Tax Rates Chicago Illinois

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

Comments Off on Estate and Trust Tax Rates Chicago Illinois

Estate Tax Credit Chicago Illinois

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

Comments Off on Estate Tax Credit Chicago Illinois

Trust tax return Chicago Illinois

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

Comments Off on Trust tax return Chicago Illinois

Trust Accounting Income / Estate Accounting Income Chicago Illinois

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

Comments Off on Trust Accounting Income / Estate Accounting Income Chicago Illinois

Income in Respect of Decedent Chicago Illinois

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

Comments Off on Income in Respect of Decedent Chicago Illinois

Gift Tax Return/Generation Skipping Tax Return/Form 709 Chicago Illinois

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

Comments Off on Gift Tax Return/Generation Skipping Tax Return/Form 709 Chicago Illinois

Fiduciary Returns and Responsibilities Chicago Illinois

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

Comments Off on Fiduciary Returns and Responsibilities Chicago Illinois

Trust Financial in Chicago Illinois

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

Comments Off on Trust Financial in Chicago Illinois

Charitable Trust Chicago Illinois

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

Comments Off on Charitable Trust Chicago Illinois