Pay Taxes

There are also various tax filings that may have to be made on behalf of the estate and the decedent. The preparation of tax filings, however, is a task that is best performed by a Certified Public Accountant or “C.P.A.” The Duran Firm does not prepare tax filings. The executor should retain a C.P.A. to accomplish these requirements.

Common filings that may be required include: 1) Notice of Fiduciary Relationship (Form 56), to inform the IRS of your appointment; 2) Individual Income Tax Return (Form 1040), to report the decedent’s income for the last calendar year of [his/her] life; 3) Income Tax Return for Estates and Trusts (Form 1041), to report any income earned by the estate; and 4) Federal Estate Tax Return (Form 706), required for very large estates that are subject to the estate tax.

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