BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, May 18, 2022

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

This course will provide tax advisers to trusts and estates with a practical guide to the estate basis consistency reporting requirements of Section 1014(f). The panel will explain the latest IRS pronouncements on coordinating basis reporting with the filing of the estate tax return and valuations reported on new Form 8971. The panel will also outline useful tips for assisting fiduciary clients in completing Form 8971.

Faculty

Griffin H. Bridgers
Member
Hutchins & Associates, LLC

Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate planning and estate administration, he is experienced in mergers and acquisitions, taxation, business transactions, franchising, commercial contracts, asset protection, executive compensation, employee benefits, qualified and non-qualified retirement plans, and nonprofit organizations. He counsels closely-held and family businesses, and nonprofit organizations, with their planning, succession, and liquidity needs in a variety of industries including tech, restaurant and retail, healthcare, manufacturing, construction, real estate, financial services, consulting, and professional staffing.

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Kelley C. Miller
Partner
Reed Smith

Ms. Miller's practice areas include cloud computing, complex federal tax controversies, state and federal tax issues involving closely held entities, state tax planning and litigation and tax planning issues involving E-Commerce, and state nexus. She presents on cloud computing, particularly negotiating SaaS agreements. She also has written and spoken widely on numerous federal and state tax topics for clients representing a broad spectrum of industries, including exempt organizations.

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Description

The estate basis consistency rules continue to present significant challenges to estate executors and advisers to fiduciaries. The enactment of IRC Section 1014(f) requires consistency between an asset's reported estate tax value and the basis of the asset when acquired by the estate beneficiary.

Section IRC 6035 requires estate executors to identify the value of property reported on the estate tax return to both the IRS and the estate beneficiaries on Form 8971. Subsequently, the Treasury issued proposed regulations; however, the proposed guidance leaves some open questions, with confusion among fiduciaries and advisers as to the administrative requirements of the Section 1014(f) reporting duties.

Advisers must understand which estates are required to file Form 8971, what assets are subject to reporting, how to prepare Schedule A, and the special provisions for income in respect of a decedent.

Listen as our expert panel provides you with a thorough guide to the basis consistency reporting requirements, giving you tools to assist your fiduciary clients to timely file Form 8971.

Outline

  1. Basis consistency reporting rules
  2. IRS using basis consistency reporting to cross-reference with beneficiaries' returns
  3. The intersection of IRC Sections 1014 and 6035
  4. Exemptions from reporting requirements
  5. Form 8971 reporting
  6. Subsequent transfers provision
  7. Impending legislation

Benefits

The panel will review these and other relevant issues:

  • Which estates are required to file Form 8971?
  • What assets are subject to reporting?
  • Discussion on the penalty provision for failure to timely file the form
  • What are the penalties for failure to file the asset valuation disclosure and basis consistency reporting?
  • Schedule A preparation
  • Changes arising from the most recent instructions to Form 8971 and Schedule A
  • Limited use of attachments to Schedule A
  • What are the special provisions for income in respect of a decedent in completing Form 8971?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify which property is exempt from reporting requirements
  • Determine when Schedule A must be given to beneficiaries
  • Decide which estates are required to file Form 8971
  • Ascertain when assets could be assigned a zero basis

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex estate documents and property schedules, supervising other estate planners or attorneys. Specific knowledge and understanding of basis calculations and distribution provisions of estate documents, including beneficiary designations; familiarity with basis reporting requirements, familiarity with post-mortem asset basis adjustment rules.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.