Chicago Accounting Articles

Estate Income Tax / Estate Tax / Estate Tax Return Chicago Illinois

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 adopt any tax year ending within twelve months after...

What is a Trustee Chicago Illinois

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 trustee, as is directed by the trust document...

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 year is required to file an income tax...

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 were an individual and includes...

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 on the final return. Examples...