New Basis Reporting Requirements for Estates: Meeting Form 8971, Schedule A, and New Beneficiary Consistency Mandates
Recording of a 110-minute CPE webinar with Q&A
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.
- Basis consistency reporting rules
- IRS using basis consistency reporting to cross-reference with beneficiaries’ returns
- Intersection of IRC Sections 1014 and 6035
- Exemptions from reporting requirements
- Form 8971 reporting
- Subsequent transfers provision
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?
Vincent F. Lackner, Jr.
The Lackner Group
Mr. Lackner is the architect and principal developer of the 6-in-1 Estate Administration System. He is nationally known... | Read More
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.Close
Keith Schiller, Esq.
Schiller Law Group
Mr. Schiller's practice predominantly focuses on estate planning (including business formation and succession... | Read More
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. He has taught the full-day course GST Tax from A-Z for the California CPA Education Foundation since 1994.Close