Postmortem Planning for Estates
Author: Michael Miranda
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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
Join Michael for this essential class on critical issues affecting the decedent.
What is the significance of “Step Up in Basis” on decedent’s assets? What forms are required and may be recommended to be filed? What happens with a decedent’s Capital and Net Operating Losses? Who or What is a Personal Representative? Who can sign the decedent return if no estate is open? The importance of key “tax elections” and the impact of an IRC §454 election regarding Savings Bonds. We will define terms associated with the decedent, review filing dates, and separating income and expenses between the decedent (Form 1040) and estate (Form 1041).
Publication Date: June 2025
Designed For
All tax and financial professionals who prepare decedent tax returns, including Form 1040, Form 1041, Form 709 and Form 706
Topics Covered
- Tax Compliance and Planning Matters
- Using a fiscal year end for an estate
- Estate - Taxation Matters
- The IRC 645 Election
- The power of deferral and an example of an effective tax plan using an estate's fiscal year
- Postmortem planning matter to consider for inherited retirment plan assets
- Form 706 - Portability election, including an overview of the concepts, review of Revenue Procedure 2022-32 and simple examples
Learning Objectives
- Identify important terms and the importance of checklists
- Identify the forms, filing dates, and associated requirements
- Explain the importance of maintaining and protecting a decedent’s identity
- Explain the responsibilities of the personal representative
- Explain who can sign returns and how to advise the IRS, who “is in charge” after the decedent’s death
- Explain the importance of basis in estate property
- Explain how to handle capital loss and net operating loss carryovers
- Explain the significance of making a proper fiscal year tax accounting period for the estate
- Explalin what’s new and other important issues associated with a decedent’s estate
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A general understanding of general income tax concepts associated with individual, estates and trusts
Advance Preparation
None
