New Basis Reporting Requirements for Estates: Meeting Form 8971, Schedule A, and New Beneficiary Consistency Mandates

A live 110-minute CPE webinar with interactive Q&A


Tuesday, July 11, 2017
1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, June 16, 2017


This webinar will provide tax advisers to trusts and estates with a practical guide to the new estate basis consistency reporting requirements. 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.

Description

The basis consistency initiative launched by the IRS has caused significant concern among tax advisers and estate executors. The enactment in 2015 of IRC Section 1014(f) requires consistency between an asset’s reported estate tax value and the basis of the asset when acquired by the estate beneficiary.

Congress then imposed new reporting requirements in IRC 6035 that require estate executors to identify the value of property reported on the estate tax return to both the IRS and the estate beneficiaries. The IRS responded with Form 8971 to facilitate this reporting. Since then Treasury has issued proposed regulations and the instructions to Form 8971 were significantly revised in September, 2016.

Advisers must understand which estates are required to file Form 8971, which assets are subject to reporting, how to prepare Schedule A, and the special provisions for income in respect of a decedent.

Listen as our expert panel provides you with a thorough guide to the basis consistency reporting requirements, giving you tools to assist your fiduciary clients to timely file Form 8971.

Outline

  1. Basis consistency reporting rules
  2. IRS using basis consistency reporting to cross-reference with beneficiaries’ returns
  3. Intersection of IRC Sections 1014 and 6035
  4. Exemptions from reporting requirements
  5. Form 8971 reporting
  6. Subsequent transfers provision

Benefits

The panel will review these and other important issues:

  • Which estates are required to file Form 8971?
  • What assets are subject to reporting?
  • 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/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?

Learning Objectives

After completing this course, you will be able to:

  • Identify estates required to file Form 8971
  • Determine the assets that are subject to reporting
  • Ascertain the penalties for failure to file Form 8971 or Schedule A
  • Establish the IRC 1014(f) basis consistency requirements for assets
  • Select the best method of valuation of estate assets and recognize when as asset’s value becomes a final valuation

Faculty

Vincent F. Lackner, Jr., President
The Lackner Group, Pittsburgh

Mr. Lackner is the architect and principal developer of the 6-in-1 Estate Administration System. He is nationally known for his extensive experience with integrating estate tax, gift tax, fiduciary income tax, and fiduciary accounting. Also a licensed lawyer with wide experience in tax and probate law, he is a pioneer in the use of technology in law offices.

Keith Schiller, Esq.
Schiller Law Group, Alamo, Calif.

Mr. Schiller's practice predominantly focuses on estate planning (including business formation and succession planning), trust and estate administration, and compliance with complex issues. He advises clients on an extensive range of issues including reviewing estate and gift tax returns, consulting or representing clients on audits, appeals, and tax court matters. He lectures on estate planning to professionals, teaching to over 1,700 professionals annually. He authored Estate Planning At The Movies® – Art of the Estate Tax Return, a comprehensive textbook now in its Second Edition, published by Bloomberg BNA. He authored more than 12 course texts and more than three dozen published articles.


Registration per Person for Live Event

Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.

Live Webinar $97.00

Includes Early Discount Savings of $50.00 (through 06/16/17)

Live Webinar & CPE Processing $132.00

Includes Live Webinar Early Discount Savings of $50.00 (through 06/16/17)


CPE per Person on Live Event

Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex estate documents and property schedules, supervising other estate planners or attorneys. Specific knowledge and understanding of basis calculations and distribution provisions of estate documents, including beneficiary designations; familiarity with basis reporting requirements, familiarity with post-mortem asset basis adjustment rules.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $97.00
Available 48 hours after the live event

Includes Early Discount Savings of $50.00 (through 06/16/17)

How does this work?

Recorded Audio Download (MP3) $97.00
Available 24 hours after the live event

Includes Early Discount Savings of $50.00 (through 06/16/17)

How does this work?

DVD (Slide Presentation with Audio) $97.00 plus $9.45 S&H
Available ten business days after the live event

Includes Early Discount Savings of $50.00 (through 06/16/17)

How does this work?


Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $144.00

Includes Special Savings of $150.00 (through 06/16/17)

Live Webinar & Audio Download $144.00

Includes Special Savings of $150.00 (through 06/16/17)

Live Webinar & DVD $144.00 plus $9.45 S&H

Includes Special Savings of $150.00 (through 06/16/17)


NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Early Registration
Discount Deadline
June 16, 2017

or call 1-800-926-7926

Can't Attend the Live Program?

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

or call 1-800-926-7926

Customer Reviews

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

I loved the tools and handouts. Every CPE class should offer these kind of tools.

Jackie Meyer

Sample and Bailey

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

or call 1-800-926-7926

Our Guarantee

Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.