Tag: IRS

  • What is a Section 645 election?

    What is a Section 645 election? Under Section 645, if both the executor (if any) of an estate and the trustee of a qualified revocable trust (“QRT” ) elect the treatment provided for in Section 645, the trust is taxed for income tax purposes as part of the estate (and not as a separate trust)…

  • Should Trusts file income tax returns to the IRS?

    Should Trusts file income tax returns to the IRS? Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary. However, if the trust is classified as a grantor trust, it…