Income Taxation of Estates and Beneficiaries – Tax Issues We Leave Behind

Tuesday, October 24, 2017
You have until 12/31/17 to use this course as credit.
2:00 PM – 3:50 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-0119
IRS/RPO Approved Program
#7ZBUJ-T-00060-17-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00060-17-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. Former Director of Internal Communications for the IRS, Les Witmer, moderates the program.

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 effect of a death in the family on Form 1040 and 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.

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

Moderator


Les Witmer, APR
Communications Consultant

Les Witmer has served as the moderator for Tax Talk Today since 2001. He is a Communications Consultant in Atlanta. He retired after a distinguished career of 34 years with the Federal Government serving the last 23 years with the Internal Revenue Service. He held various positions with the IRS in Communications and Taxpayer Information and retired during the stand-up of the Wage and Investment Division as the Director of Communications. He also was periodically assigned by the U.S. Treasury Department to the Office of Economic Cooperation and Development (OECD) to be a member of an international team that advised and conducted seminars on Taxpayer Information and Customer Service programs to tax and ministry of finance officials from Russia and other Eastern European Countries. Preceding IRS, he served on active duty with the U.S. Army including as an infantry officer in Vietnam. He had other active duty and reserve assignments culminating with being activated during Desert Storm. He retired as a Lieutenant Colonel. He holds a B.S. in Journalism from the University of Southern Mississippi and an M.S. in Public Administration from the American University.

Industry Panelists



Alan Pinck, EA
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 chair of the NAEA Education Committee, Chair for the NAEA Education Foundation and 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.


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.