Tax & Other Services

It is impossible to provide quality trust services without the help of qualified tax professionals. Fortunately, Chemung Canal has its own team of tax specialists to support our trust and estate administration and investment services personnel in making important decisions for clients. Contact us.

• These professionals prepare and file all appropriate federal and state income tax returns for every account over which we have fiduciary responsibility. They also generate other necessary tax documents for accounts over which we have agent or custodial responsibility. Most importantly, our tax services professionals provide each beneficiary or client with information to complete their personal income tax returns in a timely manner.
• Increasingly, clients rely on the Trust Tax Services Department for preparation of personal income tax returns, gift tax returns, payment of estimated taxes and the handling of household employer duties. Fees for these additional services can be deducted directly from an individual's Trust Department account, as can the charges for taxes, wages, etc.

Trust Expertise for Individual Executors or Trustees

• Individual executors and trustees faced with the fiduciary responsibilities of record keeping, investment management, tax planning and preparing and filing annual fiduciary income tax returns, often seek us out for much-needed assistance. While we hope you would consider naming Chemung Canal as executor and/or trustee, we realize that there are situations where it makes sense to ask a trusted friend or family member to handle these responsibilities.
• Our trust and tax professionals are available, for a reasonable fee, to aid individual executors and trustees with their responsibilities.

Bill Paying Services

There are times when it may become difficult for an individual to handle daily financial affairs such as paying household bills or tracking health insurance benefits. We can help by developing a program to automatically pay these expenses directly from a trust or investment account.

Income Tax Preparation and Filing

When you establish an account relationship in our Trust and Investment Services area, you may find it efficient to have our tax specialists prepare your personal returns. We can also arrange to pay balances due and/or make timely estimated tax payments on your behalf.

Household Payroll Services

Whether you have a regular cleaning person or require round-the-clock care, we can prepare weekly payroll for your employees, file quarterly and annual payroll reports and assist in securing Workmen's Compensation and Disability insurances when necessary. These expenses can be paid directly from your Trust or Investment Account.