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Thompson coburn llp

Ea credits middle
Self-Study CPE
FORM 1041: UNIQUE ASPECTS TO TAX ACCOUNTING FOR TRUSTS AND ESTATES
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MISCLASSIFICATION OF WORKERS: THE BATTLE BETWEEN 1099 VS W-2
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TAXATION OF IRAs AT DEATH
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ESTATE PLANNING STRATEGIES FOR MEDIUM AND HIGH NET WORTH CLIENTS POST TCJA
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1099: BEYOND THE BASICS
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EARNED INCOME TAX CREDIT
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AFFORDABLE CARE ACT: INDIVIDUAL RIGHTS & RESPONSIBILITIES
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AFFORDABLE CARE ACT: EMPLOYER RIGHTS & RESPONSIBILITIES
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EARNED INCOME TAX CREDIT DUE DILIGENCE
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EDUCATION TAX BENEFITS
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Free cpece webinars
Formula Transfers for Estate Planning

FORMULA TRANSFERS FOR ESTATE PLANNING

This webinar has expanded to 1.5 hours. This topic was previously offered at 1 hour.
Available Date(s)
Thursday, November 05, 2020: 9:00AM EST
Monday, November 09, 2020: 5:30PM EST
Thursday, November 19, 2020: 9:00AM EST

Cost Free
CPE Credits 1.5 hours
CE Credits 1.0 hour
Course Id# - HURS9-T-00745-20-O
Subject Area Taxes (Federal Tax)
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

When making estate planning transfers of business interests, one risks an IRS audit imposing gift tax consequences, because valuation involves judgment calls with which the IRS may disagree. To try to protect against adverse audit results, taxpayers may use formulas to define their transfers. Some formulas have protected taxpayers; others have not. Two 2020 tax court cases found certain formula transfers fatally flawed.

Some formula clauses involve excess values passing to charity or spouses. Other formula clauses define the purchase price so that the taxpayer is assured of transferring the entire business interest. Disclaimers may also work.

Learning Objectives:


  • Determine why sales to irrevocable grantor trusts work well for pass-through entities and how their risks compare to transfers to grantor retained annuity trusts (GRATs)

  • Determine when taxpayers have succeeded when an excess gift goes to charity (whether by formula gift or disclaimer) or the formula limits the transfer

  • Recall a 2020 tax court case disallowing a deduction for a formula gift to charity

  • Recall a 2020 tax court case disapproving of using dollar amounts for transfers

  • Determine how to design a formula purchase price designed to run the gift tax statute of limitations

  • Determine how to design the recipient trust to use a disclaimer

  • Determine how to design the recipient trust to run the gift tax statute of limitations


In addition to being accredited for CPE, CLE credit will be available for California, Illinois, Missouri, and Texas (pending).
 

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Thompson coburn llp

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. 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin

For various free resources Steve offers, see https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

Additional Materials
Business Structuring
Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
Handout Materials
Presentation Slides
Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) 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.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Thompson coburn llp
For approximately 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. Whether helping with a tax, estate planning, real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.

With over 380 attorneys, we have experience in more than 50 areas of the law. Supported by our firm’s state-of-the-art technology, lawyers in our Chicago, Dallas, Los Angeles, St. Louis, Southern Illinois and Washington, D.C. office enjoy a nationwide practice.

Thompson Coburn live webinars are pre-approved for continuing legal education credit in California, Illinois, and Missouri. For those attorneys seeking CLE in other jurisdictions, the Certificate of Attendance can be used to seek CLE in those other jurisdictions. It will be the responsibility of each attorney to handle CLE in his or her own state. While Thompson Coburn adheres to the strict accreditation rules for California, Illinois, and Missouri, please note that our live webinars may not be eligible to receive credit in all states.