______ ____ ______________309)Consider distribution deduction election if there are qualifying distributions from a complex trust or estate within 65 days after year-end. Membership in both the Personal Financial Planning Section and the Tax Section will help you do just that. Our history of serving the public interest stretches back to 1887. If your situation is complex, it is always helpful to seek . ______ ____ ______________208)Inquire about other possible sources of income such as salaries, dividends, interest, rents, taxable fringe benefits, etc. 103) Consider asking the appropriate corporate officer to execute a Form 2848, Power of Attorney and Declaration of Representative, and/or Form 8821, Tax Information Authorization. Tax and financial planning includes five main areas: tax, retirement, estate, risk management and investment planning. ______ ____ ______________300)DEDUCTIONS301)Determine the proper allocation of, and limitations on, deductions for interest and other expenses relating to:.1)Investment expenditures.________________________.2)Qualified residence interest.________________________.3)Trade or business expenditures.________________________.4)Passive activity expenditures.________________________.5)Tax-exempt investments.________________________.6)Capitalization of interest during construction.________________________.7)Inventory and cost of goods sold.________________________.8)Meals and entertainment expenses (allowable percentage) (Rev. 2011-21). He is also a consultant to a number of CPA firms. ________________________524)Consider disclosure requirements for written tax advice (See Circular 230). This site uses cookies to store information on your computer. This section includes a checklist for the U.S. Estate Tax Return (Form 706). Assuming the role of the reviewer with a professor-prepared tax return Spend your time wisely, and be confident that you're gaining knowledge straight from the source. Preparation and planning are key. Our history of serving the public interest stretches back to 1887. Read ourprivacy policyto learn more. Our advocacy partners are state CPA societies and other professional organizations, as we inform and educate federal, state and local policymakers regarding key issues. Not all CPE credits are equal. Shaun Hunley on LinkedIn: Working remotely: A tax practitioner's checklist 2012-20, to correct MACRS lives, methods, etc. ______ ____ ______________307)Determine amount of income distribution deduction.________________________308)If a property distribution, determine that the deduction is equal to the lesser of the propertys adjusted basis or fair market value. If you prefer to learn one topic at a time and at your leisure check out these planning certificates, arranged by topic area. Our history of serving the public interest stretches back to 1887. Preparation and planning are key. These documents were prepared by the AICPA Tax Practice Guides Task Force. ______ ____ ______________.4)Additional first-year bonus depreciation for qualified property (capped at $8,000 for passenger automobiles) placed in service before January 1, 2014 for certain property. The Association of International Certified Professional Accountants (AICPA & CIMA), with CPA.com, named the members of their Startup Accelerator program in 2023, which includes five early-stage companies pursuing a variety of solutions in audit, accounting, tax and e-commerce. To get your license, keep 3 E's in mind: education, examination and experience. Tax Preparation Checklists? : r/taxpros - reddit ______ ____ ______________404)Compute credit recapture.________________________405)Compute tax underpayment penalties for all trusts and for estates that has been open for more than two years, if withholding and estimated tax payments are less than 90 percent of the tax liability and if balance due exceeds $1,000. ______ ____ ______________520)Consider modified requirements for avoiding preparer penalties for returns. 2022 Estate and Trust Income Tax Return Checklist - Form 1041 (Short) ______ ____ ______________302)Consider all depreciation requirements and options including:.1) 179 deduction is not allowed. 1.645-1 for statement of election requirements.________________________.2)Complete Form 8855 for the first Form 1041 of the entity.________________________.3)Review 645 and final Reg. %%EOF When expanded it provides a list of search options that will switch the search inputs . More Clients. ______ ____ ______________211)Determine if there is income from discharge of indebtedness (Note exclusion and elections under 108 may be available, and Form 982). 1.6011-4 in addition to Form 1041 with copy to Office of Tax Shelter Analysis (OTSA). ______ ____ ______________.7)Depreciation of property received in a like-kind exchange or involuntary conversion (T.D. For information on retail purchases of Interactive Tax Checklists, visit www.cpa2biz.com. ______ ____ ______________402)Compute all applicable credits, including carryovers. ______ ____ ______________124)Consider filing Form 56 (Fiduciary Relationship Notice) even though not required for initial and final return (Recommended). ______ ____ ______________.4)Report proper amount from pledging installment receivables.________________________.5)Determine the holding period and federal, state, and AMT tax purposes. In those instances, use this checklist as a tool to help prepare simple estate and trust income tax returns (Form 1041, U.S. Income Tax Return for Estates and Trusts). All rights reserved. ______ ____ ______________507)If Form 8886 is required for tax shelters, attach it to Schedule(s) K-1 under Reg. 102) Obtain a signed engagement letter. Our history of serving the public interest stretches back to 1887. All rights reserved. ______ ____ ______________.14)Change in accounting method for like-kind exchange property under Reg. The CPA license is the foundation for all of your career opportunities in accounting. When we see legislative developments affecting the accounting profession, we speak up with a collective voice and advocate on your behalf. These practice guides are issued as drafts only, and you retain responsibility for their final content. AICPA How do you nurture client relationships, stay top of mind when opportunities arise and manage a profitable practice? Advanced Personal Financial Planning Conference at AICPA ENGAGE, June 6-9, 2022 Participate in the highly esteemed, in-person conference which provides top-notch speakers, thought leadership and networking with peers. ______ ____ ______________504)Determine that proper classifications of income have been made on Schedule(s) K-1. The template is available as a fillable PDF and in Word (for Word versions, see . $ $ $ $ $ $ $ $ 8 L$ $ $ | 5 5 L H6 H6 H6 77 77 77 4| 6| 6| 6| 6| 6| 6| $ ~ Z| $ 8 77 77 8 8 Z| $ $ H6 H6 o| E E E 8 v $ H6 $ H6 4| E 8 4| E E Q | S H6 >9 .R | | 0 | @R o D: o $ S S o $ a x 77 v 7 T E 8 D E8 77 77 77 Z| Z| ? Debbie Manos-McHenry, Committee Chair. The AICPA State & Local Tax Technical Resource Panel has developed the State Trust and Estate Income Tax Return Checklist to assist practitioners with state income tax compliance for trusts and estates. Our advice for now? ______ ____ ______________505)If estimated tax payments should be allocated to beneficiaries, file Form 1041-T within 65 days after year-end. ______ ____ ______________109)Determine proper classification of trust (grantor, simple, complex, qualified disability trust, ESBT, pooled income fund, bankruptcy estate). ______ ____ ______________108)Verify that copies of the will or trust document and Form(s) 706, 709, or 8939 and the date created (for GST purposes) are in the file. 2022 Estate and Trust Income Tax Return Checklist - Form 1041 (Long) -@Hb`bd27/ 29). 101) Determine if this is a first-year return or a final return. February 28, 2023, 3:23 p.m. EST 2 Min Read. But it's one that will reap big rewards if you choose to pursue it. All rights reserved. 2022 Foreign National Tax Return Checklist - Form 1040-NR Our history of serving the public interest stretches back to 1887. State Tax Return Preparation Guide For All States' CORPORATION State ______ ____ ______________ 513)Determine if there has been a taxable distribution for generation- skipping tax purposes that requires preparation of Forms 706-GS(D1), 706-GS(T) and 706-GS(D). Yes, becoming a CPA can be a challenging journey. Make sure your clients know you can help them by labeling yourself as a CPA financial planner. Read ourprivacy policyto learn more. Get access to a library of technical guides, communication tools, practice management resources and up to 16 hours of free CPE. G2Kx:S9Dpt{s&6E@JuPx. Preparation and planning are key. No matter where you are on your journey, the path is yours to take. Download the files in Word or PDF format. You can download a PDF copy of this form using the link on this page. Feedback. All rights reserved. Our history of serving the public interest stretches back to 1887. 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