Course Details

Filing Final Income Tax Return For Deceased Person: Mastering Allocations, Understanding IRD And More

Webinar: ID# 1015640
Recorded CD or On-Demand
About This Course:
While the general requirements of filing the return of a decedent are much the same as for living taxpayers, there are specific issues that tax advisors filing the final Form 1040 Income Tax Return for a deceased taxpayer must take into account. From basic questions such as determining who has the authorization to file a return to more complex matters such as allocating income between the individual and fiduciary tax return or coordinating tax elections, tax professionals need to know what's required to file a final 1040 return for a taxpayer.

One of the most challenging issues arising out of filing a final tax return is determining and reporting income in respect to a decedent (IRD). Any income to which the deceased taxpayer was entitled, however reported, is considered IRD, and certain classes of income items are automatically deemed as IRD.

In addition to reporting issues, there are a number of tax elections which may be available to survivors and the estate of the decedent, depending on the taxpayer's individual circumstances. In many cases, it is necessary for income tax advisors to coordinate with the estate's executor or appointed personal representative to determine the tax effectiveness of certain elections, such as the IRC Section 645 election to treat a revocable trust as part of the decedent's estate for income tax purposes. Tax advisers need to be well-versed in post-mortem planning options as part of the process of filing the final income tax return.

Listen as our expert panel discusses IRD reporting in depth, as well as describing basis adjustments that occasionally arise in reporting covered securities, available tax planning options, and other issues particular to the filing of a final individual tax return for a deceased taxpayer.

  • Filing requirements
  • Income calculations
  • Income in respect of a decedent
  • Special income issues
    • Stock options
    • Basis adjustment to covered securities
  • Available tax elections and coordination with fiduciary return to decide on available elections

The panel will discuss these and other critical questions:
  • What are the filing requirements and determinations for a final tax return?
  • What income items must be reported as IRD?
  • How does the tax preparer report capital gains income in the case of compensatory stock options?
  • What elections may, or must, be made in preparing the final tax return?
  • What are the factors to consider in coordinating with the executor or personal representative to determine tax impact of certain elections, such as the section 645 election?
Learning Objectives

After completing this course, you will have an in-depth understanding of the specific issues connected to filing the final income tax return of a deceased taxpayer. You will understand the available filing status options and the circumstances under which a Form 1310 must be filed with the tax return. You will know what types of income must be considered IRD and the calculations that are required to report this. Also, you will understand the circumstances which require basis adjustments to covered securities reported on a 1099-B statement.


Deborah Petrone, CPA, MTax, CGMA, Principal
Schlabig & Associates, Kent, Ohio
Ms. Petrone manages her firm's specialized tax services including preparing fiduciary and estate tax returns, facilitating estate and wealth planning, and entity specification and tax planning. She is a member of the American Institute of Certified Public Accountants and The Ohio Society of CPAs. She also is a member of the Akron Tax Club and Akron Estate and Tax Planning Council.

Linda L. Snelling, Principal
Sachs Sax Caplan, Boca Raton, Fla.
Ms. Snelling is the Chair of her firm's Estate Planning & Probate Practice Group. She devotes her practice to estate and wealth planning for high net worth individuals and probate and guardianship matters including litigation or estate and trust disputes. She handles a wide variety of taxation issues. Her experience as a certified public accountant at two of the country's largest accounting firms is a substantial asset she brings to her practice. She has advised clients in multimillion-dollar litigation as well as supervised and managed audits, often for Fortune 500 clients.

David N. Kass, CPA, JD
Kass & Kass, Long Island, N.Y.
Mr. Kass' practice focuses on tax minimization and planning for individuals, C and S corporations, and partnerships. He provides professional tax preparation for businesses, individuals and estates. He performs audits, write-ups, and prepares profit and loss statements, financial statements, accounting reconciliation, government reports, and general record keeping. He also does business evaluations for estate planning. He is experienced in handling IRS audits concerning estate returns, as well as for C and S corporations, partnerships, and individuals.

Tereina Walk, Atty
Sachs Sax Caplan, Boca Raton, Fla.
Ms. Walk concentrates her practice in the area of estate planning & probate litigation. She is the co-author of several publications, including Estate, Gift, Trust and Fiduciary Tax Returns, 2013 ed. published by West, and co-author of Chapter 6"Homestead" in Basic Estate Planning in Florida, 6th and 7th ed., published by the Florida Bar.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford 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.


To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance-provided all required conditions have been satisfied.


Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Filing Final Income Tax Return For Deceased Person: Mastering Allocations, Understanding IRD And More
Available on CD or On-Demand formats
Course Details
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