1041 Tax Considerations After CARES and TCJA

• Overview

Learn the important changes implemented by the CARES Act and TCJA and be able to identify opportunities for your clients.Changes implemented by the Tax Cuts and Jobs Act (TCJA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as well as recent updated Internal Revenue Service regulations, have provided additional tax savings opportunities for trusts and estates. This topic will provide tax preparers, attorneys, and fiduciaries with the opportunity to familiarize themselves with these important changes. We will discuss the various responsibilities and duties required by trust and estate representatives and fiduciaries.

Authors

Robert S. Barnett, CPA, Esq., Capell Barnett Matalon & Schoenfeld LLP

Agenda

Overview of 1041 Tax Rules

Planning Considerations to Minimize Estate/Trust Income Taxes

199A Calculations

Calculation of Distributable Net Income (DNI)

Important Considerations Regarding Allocation of Estate/Trust Expenses

New Final Regulations on the Termination of Trusts and Estates