asked
I have been the beneficiary of a simple testamentary trust for the past 2 years. Recently, the fiduciary and I noticed an error on the last two 1041 forms the trust filed. On both the 06' and 07' trusts 1041, the box 'This is the trusts final tax return' had been checked, which is a mistake as it is not the final return. Is this a serious error? Should I contact the IRS? The trust earned about 50K in dividends and capital gains, which were distributed to me and taxed at my tax rate. Half of the principal of the trust has been disbursed, and the rest of the funds are in a money market fund and will likely be disbursed soon.
July 27th, 2023
I have an MD S-corp that had activity in MD, PA, VA, DC, and NC. Each year, I apportion using the three-factor formula. On March 31, 2011, all assets of the firm were sold. Does the gain from the asset sale have to be apportioned? If yes, does the Sales factor include the Asset sales price as well? The company's office is in MD, and all assets are in MD.
March 5th, 2024
What is the process of building slack into budgets called?
March 15th, 2024
If I need to close an LLC or a sole proprietorship in the state of California, how do I inform the IRS that my company is being closed?
April 13th, 2024
I mailed in my taxes on 2/18/22 and still haven't received my refund. What can I do?
December 20th, 2024
I need to know how much I owe and how to pay it. I am located in Pell City, Alabama, 67 years old, single, with no dependents, and made $91,969.78 this year. I have already filed and know that I have to pay back, but I need to know the amount.
April 16th, 2023