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New York Rules on Closing the Estate and Filing the Final Tax Return

Learn methods of closing the estate in New York and how to reduce income tax liability in the final year of the estate.

Many practitioners who handle the administration of an estate do not understand the income and estate tax consequences of many decisions they make regarding which return on which to claim deductions, choosing a fiscal year and the closing date for an estate. In addition, there are two ways to close an estate in New York State, by Formal Accounting before the Surrogate's Court and by Informal Accounting to the beneficiaries and which should be used for closing the estate they are working on. This topic will help you identify the issues you should be thinking of when representing a fiduciary including, but not limited to, choice of fiscal year, the effect of various decisions on the decedent's final income tax returns, the fiduciary's income tax returns, estate tax return and when closing the estate. It will also assist the practitioner in understanding how to close an estate and the prerequisites to doing so.

Runtime: 89 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Decedent's Final Income Tax Return

  • Allocation of Income Between Pre-Death and Post Death
  • Choose Whether to Use Certain Deductions on the Final Income Tax Return or the Federal or State Estate Tax Return
  • Final Opportunity for Joint Income Tax Return With Spouse
  • Recognize Taxes Owed or Refund Due as Estate Asset or Debt

Fiduciary Income Tax Return

  • Select Fiscal Year to Get the Most Bang for Your Buck
  • Recognize Post Death Income Including Income in Respect of Decedent
  • Final Year Deduction Carryover

Closing the Estate

  • Pay All Debts and Expenses
  • Federal and NY State Estate Tax Closing Letters and Fiduciary Liability for Estate Tax
  • Estate Tax vs. Income Tax Consequences of Commissions
  • Formal Surrogate's Court Accounting and Closing of Estate
  • Informal Accounting and Closing of Estate
  • Distribution of Estate Assets
  • Receipts and Releases
  • Final Fiduciary Income Tax Return
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Judith A. Flory, Esq.

Judith A. Flory, Esq.

The Law Offices of Judith A. Flory, PLLC

  • Attorney with The Law Firm of Judith A. Flory, PLLC
  • Practices in the areas of estate planning, estate administration, taxation; corporate law, qualified retirement plans, pension and benefit planning; and buying and selling businesses
  • Frequently lectures on estate planning, estate taxation, closely held businesses and complex issues concerning the establishment of retirement plans and tax issues related thereto
  • J.D. degree, cum laude, Albany Law School; B.A. degree in political science, cum laude, Siena College
  • Can be contacted at 518-449-1421 or [email protected]
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Product ID: 400642
Published 2017
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