Description

Delve into the tax planning strategies available, including critical elections that can be made and how distributions to beneficiaries need to be reported.
When filing the return of a deceased person, there are many specific requirements to consider. Basic issues can quickly become complex, such as determining who will administer the estate and therefore have responsibility over all tax affairs. There are many other challenges, such as being able to determine Income with Respect to a Descendant, or IRD, and what additional tax returns may be required. Without a proper understanding of the process, deadlines could easily be missed, and taxsaving elections might not be made. Closing of the estate could linger indefinitely, resulting in penalties from the IRS and even potential litigation from creditors and beneficiaries. This presentation will help the professionals responsible for settling all tax affairs gain the knowledge necessary to understand what actions need to be done and the deadlines that cannot be missed. This includes understanding when Estate and Gift Tax returns are required. This presentation will provide an indepth understanding of the process can the affairs of a decedent, including the preparation of the final tax return, to be timely settled in the best manner possible.

Date: 2024-01-29 Start Time: 1:00 PM ET End Time: 2:05 PM ET

Learning Objectives

* You will be able to define steps necessary to settle a deceased persons tax affairs.

* You will be able to identify information to prepare all related tax returns and elections.

* You will be able to discuss Estate and Gift tax issues and how they affect a decedent.

* You will be able to explain distribution issues to beneficiaries and how to close an estate.