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Month: July 2018

Deductions on Form 1041

The IRS recently issued Notice 2018-61, which discusses deductions for trusts and estates filing Form 1041. In the notice, the IRS indicates that trusts and estates will continue to be able to deduct fees paid in connection with the administration of the trust or estate on Form 1041 for the 2018 tax year and beyond.  Therefore, deductions for expenses that were previously not subject to the 2...

New 1040 Draft Creates Stir

Recently, the Treasury Department released a draft of Form 1040 for the 2018 tax year. This is still only a draft, but it has created a stir, since the draft has significantly fewer lines than the current version of Form 1040.  In addition, the Treasury Department has discussed eliminating Forms 1040A and 1040EZ and using only the shortened version of Form 1040. In order to shorten Form 10...