CPAs are comfortable dealing with one of the two certain things in life, but are not necessarily ready to deal with other certainty aside from taxes and death. When a client dies, the CPA is most often placed in the position of assisting the survivors in handling all of the various issues of the decedent's estate. This course looks at the various roles and issues a CPA will need to understand in assisting
the survivors following a death, including recent changes in retirement plan distributions to survivors and a look at the Idaho Principal and Income Act (and why it is important for tax advisers).
- Counsel survivors regarding issues arising following the decedent's passing
- Handle issues involved with dealing with trusts arising from the estate
- Handle estate/trust accounting under the Idaho Principal and Income Act
- Deal with post-death estate tax issues, including portability, disclaimers, retirement plan distributions and estate tax returns
- Recognize state income tax issues arising from an estate and related trusts
- The key players in a decedent's estate and steps and issues in the administration of the estate
- Administrative trusts (the post-death revocable living trust) and testamentary trusts (definition, funding issues, and so on)
- Issues related to distributions from retirement plans and IRAs, updated for the SECURE Act and IRS 2022 proposed regulations on such distributions
- Estate and trust accountingâ€”Idaho's Uniform Principal and Income Act
- Estate tax returns (federal and state, including portability elections)
- Income taxation of a decedent's estate
- Identifying estate/trust income tax deductions still allowed and no longer allowed after the Tax Cuts and Jobs Act
- State complications of estates and trustsâ€”jurisdiction and taxation
Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.