With a cash basis taxpayer, the general rule is that the taxpayer recognizes gross income when money is received. But what if the taxpayer holds money on account for others? This is a common practice. These transfers may include deposits, advances, etc. It can even include funds held in trust for the benefit of a…
Category: Trust Taxes
Trust Taxes
Our attorneys can help you navigate the complexities of trust taxation, including fiduciary income tax returns, generation-skipping transfer taxes, and more. Give us a call to see how we can help, (713) 909-4906.