Taxation of Estates & Trusts

TOPICS

May 1, 2021

Would you like SALT with that trust?

The total tax owed by a trust can be significantly affected by the location of grantors, beneficiaries, trustees, and even trust assets.

April 8, 2021

AICPA recommendations on Q1 estimates and 2020 Form 709 extensions

The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

March 25, 2021

Revocable trusts and the grantor’s death: Planning and pitfalls

This article focuses on the key tax and reporting areas applicable to revocable trusts and the associated planning and pitfalls that arise at the grantor’s death.

March 1, 2021

Determining whether to file a joint return in the year of death

A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.

March 1, 2021

Charitable income tax deductions for trusts and estates

Income tax charitable deductions for trusts and estates are governed by Sec. 642(c) — these rules are substantially different from the rules for charitable contribution deductions for individuals and corporations under Sec. 170.

December 1, 2020

Final regulations determine deductions for trusts and estates after the TCJA

The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the TCJA.

November 1, 2020

Using trusts in divorce tax planning

A trust set up as part of a divorce settlement can ensure economic protection of the couple’s long-term obligations and provide tax benefits.

November 1, 2020

Recent developments in estate planning: Part 2

This second of a two-part article discusses regulations on calculating the basic exclusion amount once the higher estate tax exemption expires after 2025, as well as several court cases and IRS private letter rulings.

October 26, 2020

2021 inflation adjustments and tax tables issued

The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.

October 1, 2020

Recent developments in estate planning: Part 1

This first part of the annual update covers trust and gift tax issues, including regulations explaining deductions permitted for trusts and estates after the TCJA eliminated miscellaneous itemized deductions for individuals.

October 1, 2020

Taxpayer allowed to challenge underlying liability in CDP hearing

A taxpayer did not have an opportunity to challenge a trust fund recovery penalty where he did not receive a letter that scheduled an Appeals conference.

September 22, 2020

Final regs. outline trust and estate expenses still deductible under TCJA

The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.

September 1, 2020

Proposed regs. on trust and estate deductions

The proposed regulations make clear that some deductions, including deductions for administrative
expenses, are still available despite the TCJA’s suspension of miscellaneous itemized deductions.

August 1, 2020

IRS clarifies that trusts and estates are permitted certain deductions that are not miscellaneous itemized deductions

The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.

July 1, 2020

Full value of GRAT includible in estate

The full value of a GRAT is includible in the grantor’s estate under Sec. 2036(a).

May 14, 2020

Foreign trust reporting: Beware of late-filing penalties

Late-filing penalties for foreign trust filings can be devastating to clients and a significant challenge to CPAs trying to explain or eliminate them.

May 8, 2020

Trusts and estates are permitted certain deductions

The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.

April 16, 2020

Inherited IRA strategies after the SECURE Act

This article discusses alternatives to the stretch IRA.

March 27, 2020

Gift and GST returns added to postponed tax and filing deadlines

The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.

March 1, 2020

Seize the increased basic exclusion amount

Taxpayers can obtain unique benefits when it comes to gift and estate tax planning by using trusts and taking advantage of applicable valuation conventions.