Chicago Accounting Articles
Feb 28, 2013
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...
Feb 28, 2013
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....
Feb 28, 2013
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...
Feb 28, 2013
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 taxed to the grantor. The...
Feb 28, 2013
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 or a trust...
