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Basis Consistency and Form 8971

 
 Friday, Nov. 02, 2018 from 9:00 am to 11:00 am
 Online
 
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Registration Status: CLOSED -- Please contact the VSCPA at [email protected] or (800) 733-8272 for availability.
VSCPA Members
$79.00 Regular Registration
Nonmembers
$109.00 Regular Registration
Designed For:
*To enlighten as to how Congress has mandated basis consistency in a broad variety of contexts, including how the 3 year period of limitations for tax assessment may be extended to 6 years, as well as basis of assets inherited by beneficiaries *To explore the timing and detail of new IRS Form 8971
Prerequisite:

None

Breaking News!! During tax season, IRS planted a couple of nuclear bombs in its newly issued Form 8971 Basis Consistency Regulations:

1. IRS' all new ZERO BASIS rule: If tax matters are mishandled at the estate level, the beneficiary's basis (for income tax purposes) in an inherited asset is ZERO!!

2. SUBSEQUENT TRANSFER rule: Any later transfer by a beneficiary (of an asset originally subject to Form 8971 reporting) itself must be reported on a newly generated Form 8971 (and related Schedule A).

IRS Form 8971 (and its Schedule A) is the controversial brand new form an estate must complete to report basis of inherited assets to IRS (and beneficiaries). There's a whole lot more to it than meets the eye for income and estate tax professionals.

**This course is approved by the IRS. The submission of a completed request form, found under the materials tab, is required for credit. Please send completed form to [email protected].

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The Virginia Society of CPAs (VSCPA) 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: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.