Filing Final Income Tax Return for Deceased Person: Mastering Allocations, Understanding IRD and More
Recording of a 110-minute CPE webinar with Q&A
This webinar will give tax advisers and professionals detailed guidance on the specific issues arising from filing the final income tax return for a deceased taxpayer. The panel will discuss the role and requirements of a personal representative filing a return under Form 1310 authority, review the mechanics of obtaining information from the IRS, offer in-depth analysis of IRD calculations, as well as reviewing the proper reporting of stock options, basis differential on covered securities, and other specific classes of income. The panel will also review planning options and available tax elections.
- Filing requirements
- Income calculations
- Income in respect of a decedent
- Special income issues
- Stock options
- Basis adjustment to covered securities
- Available tax elections and coordination with fiduciary return to decide on available elections
The panel will discuss these and other critical questions:
- What are the filing requirements and determinations for a final tax return?
- What income items must be reported as IRD?
- How does the tax preparer report capital gains income in the case of compensatory stock options?
- What elections may, or must, be made in preparing the final tax return?
- What are the factors to consider in coordinating with the executor or personal representative to determine tax impact of certain elections, such as the section 645 election?
Deborah Petrone, CPA, MTax, CGMA
Schlabig & Associates
Ms. Petrone manages her firm’s specialized tax services including preparing fiduciary and estate tax returns,... | Read More
Ms. Petrone manages her firm’s specialized tax services including preparing fiduciary and estate tax returns, facilitating estate and wealth planning, and entity specification and tax planning. She is a member of the American Institute of Certified Public Accountants and The Ohio Society of CPAs. She also is a member of the Akron Tax Club and Akron Estate and Tax Planning Council.Close
Linda L. Snelling
Sachs Sax Caplan
Ms. Snelling is the Chair of her firm's Estate Planning & Probate Practice Group. She devotes her practice to... | Read More
Ms. Snelling is the Chair of her firm's Estate Planning & Probate Practice Group. She devotes her practice to estate and wealth planning for high net worth individuals and probate and guardianship matters including litigation or estate and trust disputes. She handles a wide variety of taxation issues. Her experience as a certified public accountant at two of the country’s largest accounting firms is a substantial asset she brings to her practice. She has advised clients in multimillion-dollar litigation as well as supervised and managed audits, often for Fortune 500 clients.Close
David N. Kass, CPA, JD
Kass & Kass
Mr. Kass' practice focuses on tax minimization and planning for individuals, C and S corporations, and... | Read More
Mr. Kass' practice focuses on tax minimization and planning for individuals, C and S corporations, and partnerships. He provides professional tax preparation for businesses, individuals and estates. He performs audits, write-ups, and prepares profit and loss statements, financial statements, accounting reconciliation, government reports, and general record keeping. He also does business evaluations for estate planning. He is experienced in handling IRS audits concerning estate returns, as well as for C and S corporations, partnerships, and individuals.Close
Sachs Sax Caplan
Ms. Walk concentrates her practice in the area of estate planning & probate litigation. She is the co-author... | Read More
Ms. Walk concentrates her practice in the area of estate planning & probate litigation. She is the co-author of several publications, including Estate, Gift, Trust and Fiduciary Tax Returns, 2013 ed. published by West, and co-author of Chapter 6 "Homestead” in Basic Estate Planning in Florida, 6th and 7th ed., published by the Florida Bar.Close