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Get your taxes done using TurboTax
First off, than you taking the time to reply, I appreciate it. So, to answer your question we have a CPA prepare the Trust's taxes each year. The Trust, a legal entity with its own EIN issues a 1099-NEC to the Trustee for services rendered. As to the duration the trust will be open, the deceased whose assets are in the trust, had some personal past tax liability (failure to file for a few years due to advanced age and health conditions) we are sorting out prior to liquidating remaining assets in the Trust. We have prepared amended returns for prior years, IRS has accepted and there has been some back and forth in terms of liability, penalties and interested. We submitted a request for abatement, they acknowledged the request, froze accruing interest and penalties and asked for more time to review. It's been about 3 years since we got everything sorted. The IRS continues to send letters about every 3 to 6 months asking for more time for them to review. So, at this point, our CPA has advised us to wait 7 years from the date the last return was filed to close the Trust out. So, there isn't a lot 'work' being done anymore.