As we near tax season, below are some tips for CPAs when planning and preparing tax returns for trusts, along with a link to an upcoming webinar on this very topic.Remember, trusts with 2016 taxable income over $12,400 pay regular income tax at the top income tax rate. The top federal rates are 20% for long-term capital gain and qualified dividends and 39.6% for other income. Trusts also pay a 3.8% tax on their net investment income.
Source: CPAs: Top 10 list for fiduciary income tax returns and planning | Thompson Coburn LLP – JDSupra
