Form 5227 Reporting: Charitable Split-Interest Annuity Trusts and Unitrusts
Avoiding Common Errors in Information Reporting of CLATs, CRATs, CLUTs, and CRUTs
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax preparers with detailed guidance on preparing Form 5227, Split-Interest Trust Information Return. The panel will address common mistakes and traps for preparers to avoid and will provide detailed guidance on the "four-tier rules," and discuss UBTI and Chapter 42 Excise Tax reporting requirements, as well as the effect of tax reform on the form.
Outline
- Identifying various types of charitable split-interest trusts
- Filing Form 5227
- Fiduciary accounting requirements
- Ancillary forms
- Identifying and avoiding common errors
- Best practices
Benefits
The panel will discuss these and other relevant issues:
- Definitions of the different types of trusts
- Trusts that require certain sections of Form 5227
- Computation of annual payments
- Income-deferral opportunities
- QBI and tax reform considerations
Faculty
Thomas Bassett, JD, MBA, CPA, AEP
Vice President, Tax Manager - East Region
Commerce Trust Company
Mr. Bassett has managed the East region tax team for Commerce Trust Company since joining in 2012. He is responsible... | Read More
Mr. Bassett has managed the East region tax team for Commerce Trust Company since joining in 2012. He is responsible for the services his department provides to clients of Commerce Trust in the St. Louis, Springfield, Belleville, Peoria, and Bloomington offices. In addition to tax planning and consulting services to that client base, Mr. Bassett group annually prepares more than 120 returns for charitable trusts and private foundations and more than 350 returns for individual, estate, gift, trust, and partnership clients of Commerce Trust. He also co-manages Commerce Trust’s annual tax return preparation process, including reviewing and maintaining Commerce Trust’s accounting system and the integration of this system with the organization’s external vendor.
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Dawn D. Hallman
Principal Attorney
Hallman & Associates
Ms. Hallman is the Principal Attorney and founder of Hallman & Associates. As a nationally recognized estate... | Read More
Ms. Hallman is the Principal Attorney and founder of Hallman & Associates. As a nationally recognized estate planning attorney, with a background in tax, she has extensive experience helping clients with all facets of business, tax, and estate planning. She has advised thousands of clients regarding their estate plans. She creatively and effectively addresses the estate planning needs of modest to ultra-high net worth families. She possesses a robust tax background, holding both an accounting and a law degree from the University of Oklahoma. Prior to opening Hallman & Associates in 2000, Dawn maintained a tax practice for several years. Her tax and business law background makes her uniquely qualified to advise clients on complex estate and business planning matters.
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CPE credit is not available on downloads.
CPE On-Demand
