Individual returns in this region are rarely simple — two states, a business on the side, a parent's estate to settle.
Goldenthal & Suss Consulting P.C. prepares individual income tax returns (Form 1040) and fiduciary income tax returns for trusts and estates (Form 1041), together with the New York, New Jersey, and other state returns they require. The firm works with business owners, executives, retirees, and families across the New York–New Jersey metro region, and with executors and trustees responsible for an estate's or trust's filings. Planning focuses on residency, multi-state income, pass-through income, retirement distributions, and the timing that affects the year's tax.
Our individual clients are often business owners whose personal return depends on K-1s from their own companies, people who live in New Jersey and work in New York (or the reverse), and retirees managing distributions, Social Security, and a move out of state. Each of these turns on details — where you are domiciled, how many days you worked where, which state taxes which income first — that are worth getting right before the return is filed rather than after a residency audit.
When someone dies or a trust is funded, a new taxpayer comes into existence with its own filing obligations. Executors and trustees are responsible for the decedent's final Form 1040, the estate's or trust's Form 1041 for each year it holds income, and the K-1s that pass income to beneficiaries. Elections such as the estate's choice of fiscal year and the timing of distributions can meaningfully change who pays the tax and at what rate, since trusts reach the top federal bracket at a very low level of income.
Generally both. New York taxes nonresidents on wages earned for work performed in New York, and New Jersey taxes its residents on all income but allows a credit for tax paid to New York on the same income. There is no reciprocity agreement between the two states, so this is handled through returns in both states rather than by withholding to one.
For a calendar-year trust or estate, Form 1041 is due April 15, with an automatic extension of five and a half months — to September 30 — available by filing Form 7004. Estates may choose a fiscal year instead, which changes the due date and can be a useful planning tool.
An estate must file Form 1041 for any year in which it has gross income of $600 or more, or has a nonresident alien beneficiary. This is separate from the federal estate tax return (Form 706), which applies only to much larger estates.
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