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Fiduciary Income Tax Refresher: Latest 2021 Update


Cost Free
Presentation Length 2.0 hours

Recorded DateAugust 17, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelIntermediate
Course Description

Join presenter Steve Gorin for this course covering the October 2020 regulations on deducting excess losses on termination of an estate or trust, which allow for the amending of returns for 2018 and 2019. This course will also address the multiple trust rules, state fiduciary income taxation, distributions in the first 65 days of a year, and the 2021 tax bracket. Attendees will also be provided planning tools to consider when preparing fiduciary income tax returns.

Learning Objectives:

  • Identify changes made by the October 2020 regulations on excess losses on termination of an estate/trust, including how to maximize the benefit when preparing the final return

  • Recognize updated taxable income thresholds for ordinary income and net investment income tax, capital gains, and Code §199A qualified business income

  • List documentation to avoid the multiple trust rule

  • Define key concepts to consider regarding state fiduciary income taxation, including a brief review of the leading cases

  • Determine discretionary distributions in the first 65 days of a taxable year, including how to make such a distribution carry out capital gain

  • Identify charitable distributions and other planning issues, including minimizing liability for the trustee and the return preparer

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Thompson coburn llp

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 
Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while reducing the drag that taxes imposed on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.

Steve Gorin is the former president and an ongoing contributor to Covenant Place’s strategic initiatives. It is a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 
To know more about Steve Gorin, kindly click on the link below:
For various free resources Steve offers, see

About Our Presenter

Thompson coburn llp

For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.

With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm's state-of-the-art technology, lawyers in our Chicago, Dallas, New York, Los Angeles, Southern Illinois, St. Louis and Washington, D.C. offices enjoy a nationwide practice.