Proposed regulations on excess deductions on termination of a trust or estate were issued May 11th! Learn how these new rules change how you treat those deductions, which may include amending 2018 and 2019 returns.
In this webinar, the presenter will discuss tax-savings tools that can be used between now and tax season when preparing returns. He will also cover the May 11, 2020 proposed regulations on deducting excess losses on termination of an estate or trust, which when finalized will allow amending returns for 2018 and 2019. A brief overview of the Uniform fiduciary Income and Principal Act (UFIPA), the 2018 restatement of the Uniform Principal & Income Act, will be included.
Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also drafted organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies.
Steve enjoys helping clients structure their affairs to achieve their personal, business, and financial goals while trying to reduce the drag that taxes impose on them. His firm provides full service to businesses; however, he also acts as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefers to refer income tax returns to practicing CPAs.
Steve Gorin is the former president and an ongoing contributor to strategic initiatives of Covenant Place, a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives.
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For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about