Form 8971 Basis Reporting Requirements for Estates: Schedule A and Beneficiary Consistency Mandates
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers to trusts and estates with a practical guide to the estate basis consistency reporting requirements of Section 1014(f). The panel will explain the latest IRS pronouncements on coordinating basis reporting with the filing of the estate tax return and valuations reported on new Form 8971. The panel will also outline useful tips for assisting fiduciary clients in completing Form 8971.
- Basis consistency reporting rules
- IRS using basis consistency reporting to cross-reference with beneficiaries' returns
- The intersection of IRC Sections 1014 and 6035
- Exemptions from reporting requirements
- Form 8971 reporting
- Subsequent transfers provision
- Impending legislation
The panel will review these and other relevant issues:
- Which estates are required to file Form 8971?
- What assets are subject to reporting?
- Discussion on the penalty provision for failure to timely file the form
- What are the penalties for failure to file the asset valuation disclosure and basis consistency reporting?
- Schedule A preparation
- Changes arising from the most recent instructions to Form 8971 and Schedule A
- Limited use of attachments to Schedule A
- What are the special provisions for income in respect of a decedent in completing Form 8971?
Kelley C. Miller
Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal... | Read More
Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal tax issues involving closely held entities, state tax planning and litigation and tax planning issues involving E-Commerce, and state nexus. She presents on cloud computing, particularly negotiating SaaS agreements. She also has written and spoken widely on numerous federal and state tax topics for clients representing a broad spectrum of industries, including exempt organizations.Close
Griffin H. Bridgers
Hutchins & Associates
Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate... | Read More
Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate planning and estate administration, he is experienced in mergers and acquisitions, taxation, business transactions, franchising, commercial contracts, asset protection, executive compensation, employee benefits, qualified and non-qualified retirement plans, and nonprofit organizations. He counsels closely-held and family businesses, and nonprofit organizations, with their planning, succession, and liquidity needs in a variety of industries including tech, restaurant and retail, healthcare, manufacturing, construction, real estate, financial services, consulting, and professional staffing.Close