Basics of New Estate Tax Law
Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN ORLANDO, FLORIDA, ON JULY 14, 2011, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Small Business/Self-Employed operating division delivered this seminar at the IRS Nationwide Tax Forum in Orlando, Florida, in July 2011.
This seminar discusses the new rules for estates and gifts (including changes in the exemption amount for gifts), as well as important changes to generation skipping transfers for tax years 2010 through 2012. The session will also discuss the repeal of carryover basis rules and an election option to apply the carryover basis rules instead of the estate tax, and the creation of a portability election for executors of decedents dying after 2010.
By the end of this presentation you will:
- Learn about the new rules for estates and gifts
- Understand important changes to generation skipping transfers for tax years 2010 through 2012
- Know about the repeal of carryover basis rules
- Learn about the portability of unused exclusion election requirements and limitations period
No prerequisites or advanced preparation are required for this seminar.