EST2612. Speed Round (IN-PERSON ONLY)

During this session, the speakers will discuss the most pertinent day-to-day issues facing tax practitioners. Specifically, this session will cover the following issues:

1. Filing an estate tax return (IRS Form 706) when not required (so as to elect portability of the decedent’s estate tax exemption)
2. Correcting missed Required Minimum Distributions (RMDs)
3. Making the IRC Section 645 election
4. Making other important elections for estates and trusts (e.g. IRC Section 663(b) 65-day election, IRC Section 643€(3) election, passing estimated tax payments to beneficiaries)

Learning Objectives:

• Understand why filing IRS Form 706 is needed for portability purposes
• Determine when an RMD is missed and the options that are available to correct the missed RMD (including how to report waivers of the excess accumulations penalty)
• Understand why the IRC Section 645 election is important beyond just being able to use a fiscal year for a trust
• Identify opportunities for making the IRC Section 663(b) “65-day election” to reduce overall income tax