Date: October 2 th, 2024

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

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 200 favorable private letter rulings including several key rulings of “first impression”.