Estate Administration Process: A Practitioner's Guide
Author: Klaralee R. Charlton
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Learn what to expect when you or a client loses a loved one and takes on the responsibility of administering the estate. This course will review the types of estates, typical deadlines, and common assets clients will encounter during the administration process.
This course will specifically focus on tax elections and IRS forms related to the taxpayer's death and is recommended for practitioners working with families after the death of a loved one. This course pairs well with Form 1041 Basics for a thorough overview of both the administration process and the tax filing obligations.
Publication Date: August 2024
Designed For
Attorneys, CPAs, and Enrolled Agents.
Topics Covered
- Types of Estates
- Beneficiary Designation vs. Trusts vs. Wills
- Typical Adminstration Deadlines
- Common Assets and Issues Related to Claiming Assets
- Basis of Inherited Assets
- Final Income Tax Return Preparation
- Estate and Trust Income Tax Filing Obligations
- Tax Forms, Basic Elections, and Potential Personal Liability to the Executor
Learning Objectives
- Recognize how to differentiate between the types of estates and common deadlines associated with a decedent's estate
- Recognize how to advise clients on tax reporting obligations for a decedent and the estate and how to correspond with the IRS on behalf of a decedent
- Identify how to analyze the assets of the estate and identify proper techniques for claiming assets depending on titling and tax consequences
- Identify the importance of properly administering an estate in light of potential transferred tax liability to the executor
- Identify the personal residence exclusion allowed for a trust or estate under IRC 121
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
