S12-Reporting Final Estate & Trust Distributions

Thursday, June 27 | 8:00 am - 9:40 am
Track: Trusts
     2 hours Federal Tax Law (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
SpeakerFrank R. Acuña, Esq.

Description: Historically, one of the biggest gaps in reporting gift, estate, and trust related taxes has been tracking inheritances and distributions to heirs and beneficiaries. This has created a nightmare when tax professionals must report basis, gains, or losses in subsequent year transactions. Fortunately, we now have Form 8971. Together with Schedule K-1, Form 706, and Form 3520, a great deal of information can be preserved and reported to make future reporting easier and more accurate."
Learning Objectives
1. Review the situations in which accurate beneficiary information must be obtained and reported
2. Complete Form 8971 from both a general reporting perspective, and with respect to individual beneficiaries
3. Understand the privacy issues surrounding Form 8971, and to whom the entire or partial Form may be divulged ethical
4. Take home a checklist for information that should be obtained before an estate or trust is distributed
5. Learn to explain the requirements of estate and trust distributions and reporting to clients

Learning LevelIntermediate

Prerequisites: Familiarity with Form 1041 and Form 706

Advanced Preparation: None