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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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My dad died in February 1999. My sister was named as the ...

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My dad died in February 1999. My sister was named as the trustee of his trust. She and my other three sisters were also beneficiaries of the trust. The net proceeds from the trust assets were supposed to be distributed evenly among the four daughters as beneficiaries. She did not make the distributions evenly (some of us never received anything at all), nor did she provide an accounting to the court. The trust is still open, she has been removed as trustee and the second successor trustee, my dad''s brother, and I are now trying to do the accounting and file a final accounting with the court. As far as I know my sister as trustee never filed a tax return for the trust. Was she required to and, if so, how do I find out if there is any penalty for not doing so? Also, would there have to be a separate tax ID number established for the trust in order to file a tax return or should we still use my father''s tax ID number?

Thanks,

Lynne XXX@XXXXXX.XXX
Submitted: 6 years ago.
Category: Tax
Expert:  MequonCPA replied 6 years ago.

Dear Lynne -

Yes, the trust should have been filing tax returns. Upon your father's death, the trust should have applied for its own tax ID number. The amount of penalty or interest will in part be based on the amount of taxable income within the trust each year.

You can apply for an ID # XXXXX see link below.

http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

 

 

MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2323
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
MequonCPA and 2 other Tax Specialists are ready to help you

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