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Manchester New Hampshire online Schedule D-1 (1041 Form) 2022-2023: What You Should Know
As a result of the disclosure to TI GTA, The Raised Kassel Family Trust and The Raised Kassel Trustee will not be permitted to register the Raised Kassel Trust and the Raised Kassel Trustee will cease to be their fiduciary and no longer receive an income from the business that the trust is required to file, report, and pay U.S. federal income tax on. An audit opinion will be completed by the U.S. Treasury Inspector General for Tax Administration (TI GTA) and will be provided to the Attorney General's office for the District of Maryland. The Raised Kassel Family Trust received a Form 926, Nonemployee Director Qualification Election. That form requires the filing of an election by an entity for a designation of its chief executive as its nonemployee director. According to U.S. Treasury Inspector General for Tax Administration (TI GTA), the Raised Kassel Family Trust did not file its Form 926 as required under its agreement with The Raised Kassel Trust. This issue was disclosed to Treasury Inspector General for Tax Administration (TI GTA), who immediately informed the Raised Kassel Family Trust and the Raised Kassel Trustee that the designation was a failure to file, and a failure to report U.S. federal income tax, on the Raised Kassel Family Trust, the Raised Kassel Trustee (“Trustee”) and the Trust, in part, as a result of a failure to meet the requirement for a Form 926. According to IRS Commissioner John Tolkien, “As a result of the disclosure, the IRS has terminated the authority of the Raised Kassel Family Trust to establish or reestablish a qualified non-U.S. Trust, including the appointment of a fiduciary as Trustee. The termination also removes the fiduciary designation from the Raised Kassel Trustees. The Trustee will no longer be required to file Form 1041 for that entity for all income received from the business that the trust was required to report, report and pay to the IRS.
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