Decedent’s Final Return; Postmortem Income Tax Planning (1-Hour Audio)

In this one-hour July 22, 2024 program, Steven G. Siegel provides a practical explanation of how to handle a decedent’s final federal income tax return, the federal income tax returns of the estate and the numerous postmortem elections which are available.

IMr. Siegel is president of The Siegel Group, a Morristown, NJ-based nationally-recognized firm specializing in tax consulting, estate planning, and advising family business owners and entrepreneurs. He holds a BS from Georgetown University, a JD from Harvard Law School, and an LLM in Taxation from New York University. Mr. Siegel is also the popular drafter and contributor of many of the fully-editable forms available to attorneys on NLFforms.com.

Major topics include:
  - Final 1040: 
      general rules
- Special rules regarding the fiduciary income 
      deceased S corporation shareholders
      partnerships and llcs
      trust income
      wages, salaries, retirement plan distributions
      installment sales
      principal residence sales
      series ee bonds
      medical expense deductions
      losses, credits and other deductions 
      dividends
      estimated taxes
      tax liabilities and refunds
      1099s and other information forms
      income in respect of a decedent(“ird”)
- Elections relating to fiduciary income tax return: 
      form 1041
      fiscal year selection
      IRC section 645: qualified revocable trust election
      estate administration expenses deduction
      65-day election for distribution allocations 
      estimated tax payments
      charitable contributions deduction
      recognizing gain on property distributions
      final year of the estate or trust