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Max W

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About Max W

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    ATXaholics Anonymous

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    Boston Red Sox, Spanish Civil War History. Flamenco Music & Guitar

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  1. Or, it can be cashed at any bank. If it is a postal money order, at any US post office.
  2. I have a client whose return will be filed tomorrow.  Client wants to pay balance due on IRS E-pay.  There are only two choices  that might fit - Extension, or Proposed assessment.  Estimated tax payment only is available for 2019.

    Which one should be used?  

  3. Max W


    The B trust can serve other purposes than that of a by-pass trust. Ir can protect the decedents assets, especially where the heirs of each spouse are different, such as in the case of remarriages. It is also tax advantaged, as each trust could be subject to a lower tax. To be a by-pass trust, it has to have distributable income, which can be distributed to anyone the trust designates. If there are no income producing assets, such as non-rental R.E. it is not a by-pass trust.
  4. Max W


    If the B trust only holds non-income producing assets, such as a home, it has nothing to distribute until A dies and then the home is sold. If it has income producing assets, they can be distributed to the survivor , or children, or whoever the trust designates. Then it would be a by-pass trust. It is all determined by the terms of the trust. The main purpose of a B trust is to protect the assets of the decedent, so they can be passed on to his/her heirs. A common situation is where a divorced, or widowed person with heirs remarries.. It also protects the deceased assets in the event the surviving spouse remarries. Another aspect of the A-B trust is that could reduce the estate tax.
  5. Max W


    The B trust is only a bypass trust if the terms of the trust designated as such.. This one has not. But, anyhow, you finally got to the answer I was seeking. Thank you.
  6. Max W


    It is not a by-pass trust. Those are used to provide support to the children of the marriage. The B trust comes into being on the death of the first spouse. The survivors trust is the A trust. It is obvious the A trust is elegible for the 645, but is the B trust also eligible, even if the the spouse died several years ago. There was no activity in her trust and the only thing that trust will receive is half the proceeds of the house.
  7. Max W


    I know I can make it for the A trust, because he died last year. What I'm not sure about is the B trust, because that wen into effect about 4 years ago. I would like to make the election for both to avoid two returns for each. As for the accounting, there are only going to be two things, IRD and a house that is being sold.
  8. Max W


    When spouse B died in 2015, thatt oart of the trust becam irrevocable. Can a 645 election still be made for that? TIA
  9. The payment is due the first year on the 15th day of the 4th month after the LLC is filed. So, that would be June 15. After that, it is on Apr 15, each year. If it is late, the only penalty is interest accrued after the due date.
  10. As long as the last 4 digits of the SSN (and the first 4 letters of the last name) are correct, you should be able to Efile. If these do not match the IRS/SS records it will be rejected. Then you can paper file.
  11. California has merged EDD (Employment taxes) with the BOE (Sales taxes) into the CDFTA (California Dept. of Tax & Fee Administration.) Don't know what the new EIN is, though. The FTB remains the same.
  12. Cliemt dies in Sep of 2018. Is the 645 election due by Apr 15? TIA
  13. Wage & Income transcripts are not available until the end of May and the issuer, being a lawyer probably wouldn't have reported it to the IRS, anyway.
  14. You can take 100% bonus depreciation on the rental share of the appliances.
  15. Only titled assets go can go into a trust. It is called funding the trust. For instance, if a home is not titled in the name of the trust, it is not part of the trust, . However, It is still part of the estate and a trust can make election to be treated as an estate. All trusts will say that all non-trust assets are to be distributed by a will. These are called pour-over wills and are included in the trust papers.
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