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Trust Document

Key tips and advice the working tax pro can use.
#1
dsocpa  
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591
Joined:
5-May-2014 11:15am
Location:
Maryland
I’ve taken over the preparation of a 1041 tax return for a trust. The taxes had been prepared by another accountant for several years. An attorney is the fiduciary. I’ve always received a copy of the trust document. In this case I’m sensing reluctance to provide me a copy… Am I being unreasonable? Never encountered this before. I know sometimes I’m overkill on documents but somethings I believe are pretty basic…
 

#2
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2053
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21-Apr-2014 11:24am
Location:
North Carolina
I am not a trust guru but I have done my share of them. I have always found it helpful to have a copy of the trust deed.
 

#3
sjrcpa  
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3501
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23-Apr-2014 5:27pm
Location:
Maryland
I always ask for it. How would you know you are complying with the terms of the trust - for example accounting income calculations, distributions, etc. - if you do not have the document?
 

#4
dsocpa  
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591
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5-May-2014 11:15am
Location:
Maryland
Exactly. Update - the attorney sent the document to me this afternoon. Thank you both for the validation.
 

#5
eze  
Posts:
234
Joined:
8-May-2014 7:02pm
Location:
Grey Area, California
I would not do a return without a copy of the trust document.

I have the PPC Guide collecting dust for the few estates I have done. If you need a topic, message me.
 

#6
dsocpa  
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591
Joined:
5-May-2014 11:15am
Location:
Maryland
Thank you eze. I might take you up on that.
 


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