Trust Income Tax Reporting After Tax Reform: FAI and DNI Calculation, Impact of Tax Law Provisions
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide fiduciary tax advisers and compliance professionals with a critical first look at the practical impact of the tax reform law on trust and estate tax reporting. The panel will detail the specific changes the new law makes to fiduciary deductions, outline the way that distributable net income (DNI) calculations will deviate from fiduciary accounting income (FAI), and detail foreign inclusion provisions for 2018 and future tax years. The webinar will also offer concrete guidance on steps fiduciary advisers and tax preparers should take now to achieve beneficial tax results and avoid potential pitfalls.
- Provisions in law impacting trust and estate deductions
- Treatment of fiduciary fees and other deductions
- Implications for FAI and DNI calculations of the provisions
- Foreign deemed repatriation provisions
The panel will discuss these and other relevant topics:
- Which deductions did trusts and estates lose under the tax law?
- How do the changes in the tax law impact the different calculations of FAI and DNI?
- What is the IRS interpretation of treatment of fiduciary fees and other itemized deductions?
- How do the foreign deemed repatriation requirements in the law impact trust and estate income tax reporting?
Paul Jones, CPA
Paul Jones Attorney
Mr. Jones is an attorney and CPA. He focuses his practice on tax law, business law, estate planning, expat tax and... | Read More
Mr. Jones is an attorney and CPA. He focuses his practice on tax law, business law, estate planning, expat tax and wills and trusts. He has given presentations on a wide array of issues, including accounting for trusts and estates, tax planning for trusts and estates, and foreign earned income focusing on exclusion and other tax Issues for expat workers.Close
Chapman and Cutler
Ms. Wallenfelsz has extensive experience representing individuals and institutions in estate planning and trust and... | Read More
Ms. Wallenfelsz has extensive experience representing individuals and institutions in estate planning and trust and estate matters. Her experience in estate planning matters includes drafting a variety of wills, trusts and premarital agreements, and in planning for and minimizing estate, gift and generationskipping transfer taxes and related income taxes, including taxes related to retirement plan assets. Her practice includes more sophisticated estate planning devices, such as family limited partnerships, grantor-retained annuity trusts, sales to defective grantor trusts and split-dollar agreements. She reviews and prepares fiduciary tax returns, private foundation information returns and estate, gift and generation-skipping transfer tax returns. She also represents a variety of fiduciaries and beneficiaries in the administration of estates and trusts, including addressing fiduciary risk issues, tax issues and litigation matters, such as will and trust construction, breach of fiduciary duty and contested probate matters.Close
Access Anytime, Anywhere
CPE credit is not available on downloads.