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Trust Tax Preparation Expertise – Bank Trust Tax Preparation

July 18, 2014

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Learn why bank trust departments turn to Clark Schaefer Hackett

Banks looking for alternatives to preparing trust income tax returns should consider a proven solution, one with knowledge and experience in efficiently preparing returns. Are you looking to reduce the risk of liability and retaining valued clients as well as keeping in compliance with the changing IRS rules and regulations? If so, Clark Schaefer Hackett is a low risk alternative for outsourcing the bank’s trust tax return preparation process.

If your bank is using Thomson Reuters ONESOURCE® software to bridge your trust accounting information to prepare tax returns, we are a proven solution to preparing trust and estate income tax returns.

How we Add Value

  • It’s a seamless transition to work with CSH as we know the ONESOURCE software which reduces liability in keeping up with compliance with IRS regulations for banks and their clients. Other firms that don’t have this expertise will create more liability for the bank as income may not be reallocated and returns may not be completed properly or timely.
  • We’re a technical resource in the trust and estate areas for trust officers and clients. We partner with you to provide solutions to your client’s needs. Our goal is to make your trust department stronger to help ensure your clients are retained.
  • We know the rules and reporting requirements for foreign beneficiaries and foreign investments. These rules are complex and the penalties for non-reporting are large. We can help you customize your new client form to ensure you gather the proper information to identify risk areas.
  • Conduct educational sessions for banks trust departments to help them understand the important planning and compliance issues to more fully serve their clients.
  • We can provide consultation to you and your clients regarding any tax questions or issues that may arise.

We prepare the following returns:

  • Form 1041 for Trusts (Grantor, Simple and Complex) – including State and Local Returns.
  • Form 1041 for Estates, including evaluation of IRC 645 election to merge trust and estate filings.
  • Form 706 for Estates. Even for estates less than $5 Million, filing a return to preserve the Deceased Spouse’s Unused Exemption may be beneficial to the surviving spouse.
  • Form 709 for Gifting, including evaluation of Generation Skipping Tax exposure.
  • Form 5227 for Charitable Remainder Trusts
  • Form 990 for Charities
  • Form 990-PF for Private Foundations and Non-Exempt Trusts
  • Form 1042-S for Non US Resident beneficiaries including preparation of Forms 1042 and 1042-T
  • Form 945 for trusts that require back-up withholding
  • Form 1099-MISC for trusts that are required due to payments to service providers, etc.
  • Consolidated 1099 Statements for Agency Accounts
  • We offer payroll solutions for trusts that have employees.

To learn more about trust tax preparation services, visit us on the web or contact Larry Powell at (937) 226-0070 or by email at [email protected].

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

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