Total Credits: 2 including 2 Taxes - Technical
Breaking News!! During tax season, IRS planted a couple of nuclear bombs in its newly issued Form 8971 Basis Consistency Regulations:
1. IRS’ all new ZERO BASIS rule: If tax matters are mishandled at the estate level, the beneficiary’s basis (for income tax purposes) in an inherited asset is ZERO!!
2. SUBSEQUENT TRANSFER rule: Any later transfer by a beneficiary (of an asset originally subject to Form 8971 reporting) itself must be reported on a newly generated Form 8971 (and related Schedule A).
IRS Form 8971 (and its Schedule A) is the controversial brand new form an estate must complete to report basis of inherited assets to IRS (and beneficiaries). There's a whole lot more to it than meets the eye for income and estate tax professionals.
**This course is approved by the IRS. The submission of a completed request form, found under the materials tab, is required for credit. Please send completed form to leighanne.conroy@acpen.com.
Basis_Consistency_and_Form_8971_Slides (0.24 MB) | Available after Purchase |
form_8971_accessible (0.10 MB) | 3 Pages | Download |
IRS Form 8971 Instructional Link | Available after Purchase |
Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
IRS CE Credit Request Form (0.15 MB) | Available after Purchase |
Bradley Burnett practices tax law in Colorado. After undergraduate (Business Administration/Accounting) school and law (J.D.) school, he earned a Master of Laws in Taxation (LL.M.) from the University of Denver School of Law Graduate Tax Program. After stints at national and local accounting firms and a medium sized Denver law firm, he established his own law firm in 1990, He has delivered more than 3,300 presentations on tax law to CPAs, attorneys, EAs and others throughout all fifty U.S. states, Washington, D.C. and seven countries. Bradley served four years as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch-hit in the IRS practice and procedure field. He authors and teaches tax materials for Commerce Clearing House (CCH), has received the Illinois Society of CPAs Instructor Excellence Award and five times has been the most requested, top-rated presenter at annual state CPA tax institutes. His seminar style is briskly paced delivery of practical insights with humor.
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