Many individuals typically do not know what exactly the term fiduciary taxes mean though most will at some point run into a situation where they will deal with fiduciary tax issues. Trustees and executors are often hampered with several fiduciary issues and responsibilities often very suddenly and unexpectedly. Specialized professionals oversee the funds and assets that can help fiduciaries meet their statutory obligations and alleviate some of the liabilities associated with these responsibilities.
Tax laws connected with estates and trusts have become progressively convoluted and complex over the past several years. The relationship of estate taxation, fiduciary taxation and fiduciary accounting have become more elaborate and involved. At Wealthnest Tax Services, we have the right experience, skill, knowledge, and credentials to ensure fiduciaries can instill confidence in beneficiaries. We also, prevent any needless tension and assist in avoiding any unnecessary hurdles or pit falls that effect and plague many trustees and executors.
Here are some of the items we at Wealthnest Tax Services can assist with:
- Fiduciary income tax preparation (1041)
- Investment management/custody 1099 preparation
- Charitable trusts and planned-giving tax (5227)
- Foundations and exempt organizations (990)
- Estate and Generation Skipping Transfer Tax (GSTT) planning and compliance (706)
- Non-resident alien tax compliance (1042S)
- IRA and 990T reporting (1099R)