1041 Preparation and Planning Guide

The use of trusts has proliferated in recent years resulting in an increased interest in the fiduciary income tax return. Trusts today are being used not only by the wealthy, but also by middle-class taxpayers who are becoming educated about the advantages of trusts for tax planning and asset protection. They, and the professionals who advise them, need solid understanding of how to handle the complexities of preparing the fiduciary return, Form 1041. This is especially true now, because as the number of estates subject to filing estate tax returns has shrunk in recent years the IRS has turned its attention toward Form 1041 and is now training auditors to focus on problems the IRS believes will generate huge dollars in this area. CCH's new 1041 Preparation and Planning Guide presents a fundamental review of the rules for federal income taxation of trust and estates and clear guidance on properly preparing the Form 1041. Written by noted tax experts, commentators and educators, Sidney Kess and Barbara Weltman, the Guide's approach is concise and practical. Kess and Weltman provide precise explanation on all the essentials of fiduciary tax return preparation. Legislative and regulatory changes affecting returns, recent IRS rulings and significant court decisions are all reflected and highlighted in place throughout the text in a logical and understandable manner. 1041 Preparation and Planning Guide's presentation is superior -- it flows logically, line-by-line through the return itself; hits all the high points; and uses simple, straightforward and easy-to-understand language. It's format and organization is easy to use and easy to read, with large type and forms reproduced in place throughout the chapters. Perfect for staff training or personal refresher, it includes filled-in forms and schedules that illustrate how real-world tax scenarios flow through onto the forms themselves.