Tax Services — Scarsdale, NY
Estate & Trust Tax Returns in Scarsdale, NY
Summary
Frank F. Rocco, CPA prepares federal and New York State estate tax returns (Form 706), fiduciary income tax returns for estates and trusts (Form 1041), and gift tax returns (Form 709). The firm serves executors, trustees, and beneficiaries throughout Westchester County with the precision that estate and trust tax compliance demands.
The administration of an estate or trust involves some of the most technically demanding tax compliance work in the entire tax code. An executor or trustee is personally responsible for ensuring that all required tax returns are filed accurately and on time — and the consequences of errors can fall directly on the fiduciary. Frank F. Rocco, CPA provides the expertise that executors, trustees, and estate attorneys in Westchester County rely on to navigate these obligations.
Estate tax returns (Form 706) must be filed for estates that exceed the federal exemption threshold — currently $13.61 million per individual for 2024. New York State imposes its own estate tax with a significantly lower exemption of $6.94 million, meaning many Westchester County estates that owe no federal estate tax may still have a New York State filing obligation. The firm prepares both federal and New York State estate tax returns with the accuracy that these high-stakes filings require.
Beyond the estate tax return, the estate or trust must also file annual fiduciary income tax returns (Form 1041) for any year in which it has gross income of $600 or more. These returns report income earned by the estate or trust — interest, dividends, rental income, and capital gains — and determine how much income is distributed to beneficiaries and how much is taxed at the trust level.
What Estate & Trust Tax Situations Does Frank Rocco Handle?
Federal Estate Tax Returns (Form 706)
Preparation of the federal estate tax return for estates exceeding the applicable exemption amount, including valuation of assets, marital deduction, charitable deduction, and portability election.
New York State Estate Tax Returns (ET-706)
New York's estate tax exemption is significantly lower than the federal exemption. The firm prepares New York State estate tax returns and advises on the New York 'cliff' effect that can result in a substantial tax on estates just above the exemption threshold.
Fiduciary Income Tax Returns (Form 1041)
Annual income tax returns for estates and trusts, including the allocation of income between the trust and its beneficiaries, preparation of Schedule K-1 for each beneficiary, and calculation of the distributable net income (DNI).
Gift Tax Returns (Form 709)
Preparation of federal gift tax returns for individuals who have made taxable gifts during the year, including gifts that exceed the annual exclusion amount or gifts of future interests that do not qualify for the annual exclusion.
Grantor Trust Returns
Grantor trusts are treated as owned by the grantor for income tax purposes. The firm prepares the required fiduciary returns and ensures that income is correctly reported on the grantor's individual return.
Post-Mortem Tax Planning
Certain elections made on the estate tax return — including the portability election, the alternate valuation date election, and the deduction for administration expenses — can significantly affect the tax outcome. The firm analyzes these options and makes recommendations to the executor.
Frequently Asked Questions About This Service
Questions? Call Frank Rocco, CPA Today.
670 Post Road, Suite 214, Scarsdale, NY 10583