ESBT Tax Compliance After Tax Reform: Form 1041 Reporting of Electing Small Business Trusts
Separate Calculations for S Corp and Non-ESBT Income, Section 199A Computations, Potential Current Beneficiary Rules
This program is postponed. New date TBD.
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide fiduciary tax advisers and compliance professionals with a thorough and practical guide to the tax reporting challenges of electing small business trusts (ESBTs) after the new tax reform law. The panel will discuss the separate calculations of S corporation income components of ESBTs and detail the specific changes the new law makes to ESBT reporting, including the Section 199A deduction, differences in eligible shareholders, and reduction in charitable contribution deductions.
- ESBT rules
- Contrast with QSSTs
- Right to accumulate income
- Potential current beneficiary determination
- Intersection with grantor trust rules
- Separately calculating S corporation/ESBT income
- Section 199A deduction applicable to S corporation component of ESBT income
- Other tax reform changes impacting ESBT reporting
- Planning opportunities and illustrations
The panel will discuss these and other important topics:
- How to determine potential current beneficiaries and the risks involved in misidentification of a PCB
- How to allocate between S corporation income and non-ESBT income in calculating tax for an ESBT
- What changes did the new tax reform law impose on ESBT beneficiary eligibility and deductions?
- Key differences between QSST and ESBT tax treatment, and planning opportunities between the two structures
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