This course focuses on strategic considerations for preparing 2023 tax returns. We will explore how the differing federal and state income tax rates for trusts and beneficiaries impact tax planning. Key topics include the multiple trust rules, state fiduciary income taxation, distributions made in the first 65 days of the year, and the 2024 tax brackets.
Learning Objectives
Understand the updated taxable income thresholds for ordinary income, net investment income tax, capital gains, and Code §199A qualified business income.
Evaluate necessary documentation to navigate the multiple trust rule effectively.
Define essential concepts related to state fiduciary income taxation, including an overview of relevant case law.
Determine how to execute discretionary distributions in the first 65 days of the taxable year, including strategies for carrying out capital gains.
Identify charitable distributions and address other planning considerations to minimize liability for trustees and return preparers.
Credits and Other information:
Recommended CPE credit – 2.0
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: 2 Hours
Who Will Benefit:
CPA
Enrolled Agents (EAs)
Tax Professionals
Attorneys
Other Tax Preparers
Finance professionals
Financial planners
About Our Speaker
Steve Gorin, CGMA, CPA, J.D. Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners’ wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies.
