Description
Trusts and estate income taxation is one of the most often misunderstood area of taxation, both by IRS employees and tax professionals. This course will look at some of the key troublesome issues involved for those advising estates and trusts on income tax issues and preparing trust and estate income tax returns. The course will look at Idaho's Uniform Principal and Income Act, and well as briefly discuss similar acts in other states.
Designed For
- CPAs and financial professionals interested in taxation
Highlights
- Idaho's Uniform Principal Act: Why must a tax CPA know what the IRS calls accounting income to prepare a fiduciary income tax return? Why are state legislatures the source of these accounting rules?
- How are these accounting rules different from rules applicable to business entities under FASB's pronouncements?
- Walking through the application of the rules and understanding how to classify items to principal and income - and why that classification matters.
- How does your tax software calculate those numbers that it reports on the K-1? Since that netting process to determine distribution process has a lot of flexibility, how do you determine the best option to use?
- The special problems of charitable beneficiaries for a fiduciary income tax return: why don't they receive a K-1 and how does the charitable contribution deduction shown on Schedule A Form 1041 work?
- Final year planning for a trust or estate: excess deductions on termination, capital loss carryovers and net operating loss carryovers.
- What changes have been made to the treatment of excess deductions on termination following the Tax Cuts and Jobs Act?
- Applying the IRS regulations issued after the Supreme Court's Knight decision to determine expenses deducted in computing adjusted gross income for a trust.
Advanced Prep
- Manual
- If you did not purchase a printed manual, download it from your upcoming events in "My CPE" on website, and bring it with you
- If you did purchase a printed manual and would also like an electronic copy be sure to download it
- Lunch will be provided if you are also attending the afternoon session on 10.29.24 with Ed Zollars
- Review ISCPA Parking Map - found in your email confirmation
Register Now
Leaders
Ed Zollars
Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.