Filing Final Income Tax Return for Deceased Person: Mastering Allocations, Understanding IRD, and More
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will give tax advisers and professionals detailed guidance on the specific issues arising when 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 income in respect of a decedent (IRD) calculations, as well as discuss 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
- Common issues
- Stock options
- Basis adjustment to covered securities
- Section 199A
- Marital planning; and
- Termination of grantor trust status
- Available tax elections and coordination with the 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 the tax impact of specific elections such as the Section 645 election?
David N. Kass, CPA, JD
Kass & Kass
As an attorney, Mr. Kass represents clients in all kinds of tax controversies from Offers in Compromise, tax audits and... | Read More
As an attorney, Mr. Kass represents clients in all kinds of tax controversies from Offers in Compromise, tax audits and tax appeals. He also practices in the area of Estates and Trusts (both planning and administration), personal bankruptcy, and small business commercial law. Mr. Kass served as a commercial law arbitrator for the Amer. Arb. Association for 13 years and for the National Arb. Forum for 3 years. As a tax lawyer, he was able to settle an offer in compromise situation where the IRS sought over 1 million from his client for $45,000. Mr. Kass has enjoyed notable success in the Estate Tax Audit field by getting an agent to agree to reduce the value of a decedent's pers. injury law practice from 300K to 41K.Close
Audrey G. Young
Ms. Young focuses her practice in the area of trusts and estates law and taxation. She counsels individuals, families... | Read More
Ms. Young focuses her practice in the area of trusts and estates law and taxation. She counsels individuals, families and family offices on estate planning matters and business succession planning, including income tax planning and retirement, marital and charitable planning. She works with RSM tax professionals nationally on trust administration issues and estate and trust planning for individuals, families and family offices. She resolves gift and estate tax return examinations at the state and federal level. She presents nationally at conferences on topical estate, trust and gift tax issues. Her planning expertise is concentrated on the income tax aspects of estate planning, including fiduciary income tax minimization strategies (state and federal), charitable planning, marital planning, retirement planning and opportunities presented by decanting.Close