When Your Client Dies: Final Form 1040, Post-Death Elections and More
Author: Steven G. Siegel
| 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
Tax practitioners need special knowledge and skills when working with clients after a family member’s death. There are special tax rules associated with preparing a client’s final Form 1040 and a host of other issues and options that must be carefully addressed. Your clients need you to be at your absolute best as you support them through the necessary steps during those difficult times.
The course provides a practical review of how to prepare the decedent’s final Form 1040 and advise clients on a range of essential post-death elections and decisions.
Publication Date: August 2023
Designed For
This course is essential for CPAs, CFPs, enrolled agents, estate planners, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Topics Covered
- Preparing the Final Form 1040
- What should be filed and reported
- Who must file the return
- Income, losses and deductions to be reported
- Estimated taxes, liabilities and refunds
- Income in Respect of a Decedent (IRD) considerations
- Alternate valuation date
- QTIP and QDOT decisions for the surviving spouse
- Extending the time to pay the federal estate tax (Code Sec. 6166)
- Elections for partnerships and S corporations
- Where and when to deduct fiduciary commissions
- Fiscal year option for estates
- Disclaimer opportunities
- Treating a revocable trust as part of the estate
- Special distribution opportunities from an estate
- Choices in timing charitable deduction claims
Learning Objectives
- Describe the tax reporting requirements for a decedent client's final Form 1040
- State the key unique post-death elections and decisions that should be considered for a decedent client
- Identify changes in the law resulting from the 2017 Tax Cuts and Jobs Act
- Recognize how to accurately answer client questions regarding tax issues for a decedent
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic knowledge of federal individual income taxes and transfer taxes.
Advance Preparation
None
