Estate Tax Planning
Fiduciary Income Tax Returns
Preparation of Fiduciary Income Tax Returns
Once a trust becomes irrevocable (usually after the death of one or both of the Trust makers) the trust typically obtains a separate Tax Identification Number (TIN) and must then start filing annual income tax returns. A Federal Form 1041 is usually filed by April 15th. Massachusetts also requires a state Income Tax Return be filed by Trusts when there is a Trustee located in Massachusetts or when there is "Massachusetts source income" (such as rents generated from Massachusetts real estate or income generated by a Massachusetts business).
Often families will look to Boyd & Boyd, P.C. to assist with Trust tax returns. Because of our experience as a professional Trustee, we have extensive experience preparing Trust Income Tax Returns.