MI Form Instructions 1041 (Schedule K-1) 2023-2025

MI Form Instructions 1041 (Schedule K-1): What You Should Know

Grand Rapids  Inspection Periods for Income Taxes If an estate or trust does not file a return for at least 6 consecutive years, the estate or trust may be subject to a period of ineligibility for filing the return or paying any tax in an additional assessment period (see the “Inspection” section of IRM 21.6.2.23.4 (6-6-2018)). When an estate or trust fails to meet either of these requirements, the county assessor may impose a tax on the estate or trust as a deferred-gains tax with a late-payment penalty (see IRM 21.6.2.23.5 (2-16-2019)). See IRM 21.6.2.23.5. Form 1040 and Form 1041 have no inspection period because they are deemed to be timely filed documents. IRM 21.6.2.23.7 (2-17-2019) — Inspection of Form 1041 and Form 1041A for Estate/Trust Tax Returns. The following procedures apply for an estate or trust tax return that is submitted using the following form: CFP-9 Form 1040 and Form 1041 are not subject to an inspection period. The County Recorder determines if tax is due using an administrative law judge (ALJ) hearing. See IRM 21.6.2.23.6.3.2 (3-12-2016) for a description of the requirements for inspecting a Form 1040 and Form 1041A. IRM 21.6.2.23.6.3.5 (4-30-2017) for a description of the procedure for inspecting a Form 1041. IRM 21.6.2.23.6.4 (5-5-2018) describes the procedure for inspecting Form 1041A. If the returns are not inspected, the county assessor should report the income or loss to the IRS, not to County Recorder. A Notice is Not Required if the return is Filed on a Postmarked Bailable Form. The County Recorder determines if tax is due using an administrative law judge (ALJ) hearing. See IRM 21.6.2.23.6.3.2 (3-12-2016) for a description of the requirements for inspecting a Form 1040 and Form 1041A.

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