Date: February 13 , 2025  

Duration: 180 Minutes

Description:

Taxpayers often include charitable giving in their estate plans, which can take the form of fixed dollar amounts, specific assets, or percentages of the residuary. When reporting these transfers on the Estate Tax Return (Form 706), practitioners must navigate various nuances, particularly with percentage transfers that involve complex circular calculations to accurately claim the charitable deduction. Similarly, for estates and trusts that require a Fiduciary Income Tax Return (Form 1041), practitioners need to review governing documents and assess the type of transfer to ensure proper reporting of the charitable income tax deduction. This course will focus on the reporting of post-death charitable transfers for both Form 706 and Form 1041.

Learning Objectives

• Understand how to calculate the appropriate charitable deduction for specific bequests and residuary devises when preparing Form 706.
• Advise clients on the distinctions between specific bequests and residuary devises, including the charitable deduction applicable to each.
•  Analyze a taxpayer’s eligibility to claim a charitable income tax deduction when completing Form 1041.
• Recognize the importance of carefully drafting an estate plan to maximize charitable deductions.

Topics Covered

• Overview of Estate Tax Fundamentals
• Understanding the Unlimited Charitable Deduction
• Exploring Charitable Income Tax Deductions
• Distinguishing Between Specific Bequests and Percentage Bequests
• Discounting Charitable Bequests
• Overview of Fiduciary Tax Principles
• Identifying Qualifying Gross Income
• Adhering to the Governing Instrument
• Defining Qualifying Charitable Purposes
• Determining the Year of Deduction

Credits and Other information:

• Recommended CPE credit – 3.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 3 Hours

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Michael Miranda
Bringing 47 years of experience with tax consulting, estate planning, and employee benefits to his work as an independent consultant, Michael is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, SD.  His tax practice focuses on corporate, individual, estate and gift, and tax accounting.  He also provides employee benefit planning and consultation services for qualified, non-qualified, and health and welfare benefit plans.  As part of his IRS representation practice, Michael has worked with the National Office to obtain private letter rulings and exempt organization determination letters for clients, in addition to numerous EPCRS submissions and audits.  As a nationally recognized tax speaker, he maintains an active schedule presenting webinars and seminars on tax law, employee benefit planning, and estate planning.