Delve into the tax planning strategies available, including critical elections that can be made and how distributions to beneficiaries need to be reported.
When filing the return of a deceased person, there are many specific requirements to consider. Basic issues can quickly become complex, such as determining who will administer the estate and therefore have responsibility over all tax affairs. There are many other challenges, such as being able to determine Income with Respect to a Descendant, or IRD, and what additional tax returns may be required. Without a proper understanding of the process, deadlines could easily be missed, and tax-saving elections might not be made. Closing of the estate could linger indefinitely, resulting in penalties from the IRS and even potential litigation from creditors and beneficiaries. This presentation will help the professionals responsible for settling all tax affairs gain the knowledge necessary to understand what actions need to be done and the deadlines that cannot be missed. This includes understanding when Estate and Gift Tax returns are required. This presentation will provide an in-depth understanding of the process can the affairs of a decedent, including the preparation of the final tax return, to be timely settled in the best manner possible.
Agenda
Faculty
Allen Pfeister, CPA, MBA, CIA, CMA, CFM
Tax Uncomplicated, LLC
- Solo CPA practitioner offering assistance with international tax planning, tax return preparation, and audit assistance with a focus on Americans living abroad
- Served as an internal auditor for ten years with progressively increasing responsibilities, including establishing an internal audit department from the ground up
- Developed and taught all classes for the Certified Public Account Preparation bachelor’s degree program at Southern New Hampshire University’s South Korea campus
- Lifetime member of the Institute of Internal Auditors
- Certified Public Accountant, Certified Management Accountant, Certified Internal Auditor, and Certified Financial Manager
- M.B.A. degree with a specialization in Dr. Philip Harmelink’s taxation program, University of New Orleans; bachelor’s degree in finance and accounting; completion of Dr. Glenn Sumner’s Internal Audit program, Louisiana State University
- Can be contacted at [email protected] or 225-999-5032
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