IRS Publication 541

IRS Publication 541 provides guidance on the taxation of estates, trusts, and their beneficiaries. It explains how income earned by these entities is reported and taxed, and outlines the responsibilities of fiduciaries, such as trustees or executors, in managing and distributing assets. The publication also covers how beneficiaries report income they receive. Essentially, it serves as a resource to help individuals and entities understand the tax implications of managing estates and trusts, ensuring compliance with tax laws and regulations.