CPA - medium firm
CPA - large firm
Enrolled Agent
Other
Proposed regulations on excess deductions on termination of a trust or estate were issued May 11th! Learn how these new rules change how you treat those deductions, which may include amending 2018 and 2019 returns.
In this webinar, the presenter will discuss tax-savings tools that can be used between now and tax season when preparing returns. He will also cover the May 11, 2020 proposed regulations on deducting excess losses on termination of an estate or trust, which when finalized will allow amending returns for 2018 and 2019. A brief overview of the Uniform fiduciary Income and Principal Act (UFIPA), the 2018 restatement of the Uniform Principal & Income Act, will be included.
Major Highlights:
- Analysis of May 11, 2020 proposed regulations on deducting excess losses on termination of an estate or trust
- Strategic Fiduciary Income Tax Planning
- Tips for Fiduciary Income Tax Preparers
- Trust Accounting Income Regarding Business Interests
- Code § 199A Pass-Through Deduction for Qualified Business Income.
This course shall also cover for participants the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041.
Learning Objectives:
- Learn how new regulations on excess losses work and the need to consider amending 2018 and 2019 final returns of estates and trusts
- Learn how UFIPA will help trustees optimize income tax results and actions to take when drafting estate plans whether or not UFIPA has been enacted in your jurisdiction
- Learn the impact of U.S. Supreme court case on state fiduciary income taxation
- Get refreshed on tools to save income tax overall when considering the trust's or estate’s and beneficiaries’ overall income taxes
Steve Gorin, CGMA, CPA, J.D.
Thompson Coburn LLP
Partner
sgorin@thompsoncoburn.com
(314) 552-6151
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:
http://thompsoncoburn.com/people/steve-gorin
For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about
About Our Presenter
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.
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