Form 1041 is used by fiduciaries of estates and trusts to report income, deductions, gains, and losses, as well as to pay any tax due on the income generated by the estate or trust. Proper preparation of this form is essential for maintaining compliance with IRS regulations and effectively managing the financial aspects of the estate or trust. At John Burke CPA, I specialize in preparing and filing IRS Form 1041, the U.S. Income Tax Return for Estates and Trusts. My services ensure accurate reporting and compliance with tax regulations, allowing for proper management of fiduciary responsibilities.
I accurately report all income generated by the estate or trust, including interest, dividends, rental income, and capital gains.
I identify and apply all applicable deductions and credits to minimize tax liability, such as administrative expenses, charitable contributions, and distributions to beneficiaries.
I ensure that Form 1041 is prepared and filed in accordance with IRS requirements, avoiding penalties and interest.
I handle the complex task of allocating income and deductions to beneficiaries, providing necessary schedules and statements.
I offer strategic tax planning to help fiduciaries manage tax obligations efficiently and make informed decisions for the estate or trust.
In the event of an IRS audit, I provide support and representation to defend the 706 return and resolve any issues.
