The key difference between a grantor trust and a non-grantor trust is how taxes are handled. In a grantor trust, the person ...

Madras High Court in Sivestar Educational Trust vs Commissioner of Income Tax (Exemption) held that legitimate tax exemption to a registered charitable trust cannot be denied merely due to delay in ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

In the year that a taxpayer dies there may still need to be one or more tax returns that are required to be filed after their death. The need for these filings is dependent upon the income that the ...

Sadly, death happens to all of us eventually. Having a good estate plan in place is a loving thing to do for your surviving family members. That should include a will, a trust, and a power of attorney ...

It’s hard enough planning for your family’s future after you’re gone, but all that careful effort can unravel if one tiny detail gets missed. For many families, missing one tax form during estate or ...