Maryland Society of Accountants - This seminar explores the decisions required in handling clients' estates and trusts from beginnng to close, including tax elections, distributing assets to beneficiaries, and filing all applicable tax forms. We analyze form 1041, U.S. Income Tax Return for Estates and Trusts, Form 709, U.S. Gift (and GST) Tax Return, and Form 706, Estate Tax Return, as well as the changes in the 2010 Act. How to deal with 2010 deaths, i.e. elect modified carryover basis or stick with Form 706 and full step-up?
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