- Identify and understand the difference between estate and income tax issues.
- Review the issues and requirements for the decedent's final income tax filings.
- Understand the New York State estate tax filing requirements.
- Understand the federal estate tax filing requirements.
- Learn and comply with fiduciary income tax filing requirements for estates and trusts.
- Review valuation issues associated with estate tax filings and how they may affect income tax returns.
- Identify principal and income issues and their impact on income tax filings for the decedent, trust and/or estates.
- Find out why the generation-skipping transfer tax may affect your clients or customers.
- Learn the value of post-mortem tax planning techniques.
- Understand the income and estate tax impact of deferred income items.
- Receive a review of estate and income tax audit issues from both sides.
8:30 a.m. - 8:55 a.m.
I. The Decedent's Estate
8:55 a.m. - 9:35 a.m.
II. The Decedent's Final Tax Return
A. Personal Representative
B. Filing Requirements
C. Filing Period And Due Date
D. Filing Status
E. Income Issues
F. Deductions And Exemptions
G. Taxes, Credits, Payments And Refunds
H. Signing And Filing the Return
9:35 a.m. - 10:15 a.m.
III. Estate Tax Filing Requirements
A. Which Estates Must File?
1. Federal Estate Tax Filing Requirements
2. New York State Estate Tax Filing Requirements
B. Who Is Responsible?
C. Due Date Of Return
D. Where To File Return
10:15 a.m. - 10:25 a.m.
10:25 a.m. - 11:35 a.m.
IV. Income Taxation Of Estates And
A. General Concepts
B. Filing Requirements
C. Income Issues
D. Deduction Issues
G. Estimated Tax Payments
11:35 a.m. - 12:20 p.m.
V. Estate Tax Valuation Issues
A. Definition Of The Gross Estate
B. Valuation Methodology By Asset Category
12:20 p.m. - 1:20 p.m.
Lunch (On Your Own)
1:20 p.m. - 2:05 p.m.
VI. Allocations To Principal And Income
A. Income vs. Remaindermen Beneficiaries
B. Income vs. Principal Concepts
C. Fiduciary Accounting Income vs. Taxable Income
D. Distributable Net Income (DNI) And Distribution Issues
E. Capital Gains And Loss Issues
2:05 p.m. - 2:45 p.m.
VII. Generation-Skipping Transfer Taxes
A. Persons Liable For The GST Tax And How It Is Reported
B. Generation-Skipping Transfers
C. Generation-Skipping Transfer Exemption
D. Computation Of The Tax
2:45 p.m. - 2:55 p.m.
2:55 p.m. - 3:15 p.m.
VIII. Post-Mortem Tax Planning
B. Property Passing To Spouse Due To Statutory Right Of Election
C. QTIP Property
D. Tax Apportionment
E. IRA Alternatives For Surviving Spouse
3:15 p.m. - 3:50 p.m.
IX. Deferred Income Issues
A. Income In Respect Of A Decedent
B. Qualified Plan And IRA Distributions
C. Installment Sales And Annuities
D. U.S. Savings Bond Reporting Options
3:50 p.m. - 4:20 p.m.
X. Surviving An IRS Audit
4:20 p.m. - 4:30 p.m.
XI. Questions And Answers