Taxes Left Behind – Decedent’s Final Return and Income Taxation of Estate


Tuesday, October 19, 2021 · 2:00 – 3:40 PM ET

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0148
IRS/RPO Approved Program
#7ZBUJ-U-0090-21-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-U-0090-21-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, looks at the income tax issues that remain following the death of a taxpayer. The program will examine the filing of a decedent's final tax return. Panelists also will discuss the concept of an individual's estate as a separate taxable entity, including the calculation of an estate's income and deductions, and the required filing of a fiduciary tax return and accompanying schedules K-1. The panel also will take up how beneficiaries of a decedent are treated when they receive various assets from a decedent and distributions of money or property in the course of an estate's administration.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of the major income tax issues confronting survivors following a decedent's death.

Program Learning Objectives

  1. Identify how a tax return is affected by a family member's death and the necessity to file a final income tax return.
  2. Identify when a person's estate becomes a separate taxpayer and incurs the possible requirement to file a fiduciary return.
  3. Identify how an estate calculates its income and deductions, including the special deduction for estate distributions.
  4. Identify the tax consequences for beneficiaries who succeed to a decedent's assets or receive distributions of estate income and assets.

Program Outline

  • Decedent's Final Return
    • Who files?
    • Due date
    • Joint return and surviving spouse
    • Treatment of income and deductions
    • Recipients of decedent's income
    • Deduction for estate taxes

  • The Estate as Separate Taxable Entity
    • Form 1041 and Schedule K-1
    • Who files?
    • Accounting period
    • Payment of tax and estimated tax
    • Net investment income tax

  • Income of an Estate
    • Gross income
    • Income from real estate
    • Income from personal property
    • Sale of property
    • Gain on transfers to beneficiaries
    • Foreign estates

  • Deductions and Credits
    • Generally
    • Personal exemption
    • Expense deductions
    • Losses and bad debts
    • Charitable deduction
    • Tax credits

  • Distribution Deduction
    • Distributable net income (DNI) limit
    • Required distributions
    • Allocation of income types and related deductions
    • Distributions after end of tax year

  • Beneficiaries
    • Receipt of estate distributions
    • Basis of inherited property
    • Insurance and annuities
    • Retirement plan benefits
    • Spousal rollovers
    • Inherited IRAs
    • Employee death benefits

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

To be announced

 

Industry Panelists

To be announced

 

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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