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JUST ISSUED PROPOSED REGULATIONS REGARDING TRUST AND ESTATE DEDUCTIONS



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Recording and Slides are Available Here


The Tax Cuts & Jobs Act (TCJA) added new Section 67(g) which suspends “miscellaneous itemized deductions” through 2025. This change has caused much confusion as practitioners are uncertain which trust deductions are suspended and which can be deducted. This is particularly true with fiduciary income tax returns and it adds to the pre-existing confusion. However, on Thursday May 7, 2020 the Service issued regulations which clarify its prior guidance regarding how new Section 67(g) applies to fiduciary income tax returns.     Join Jere Doyle JD, LLM, AEP and Robert Keebler CPA/PFS, MST, AEP for a fast-paced program on these new regulations.
Specifically, this course will cover the new regulations and in general the deductibility of “miscellaneous itemized deductions” for trusts and estates:

  • A review of new Section 67(g) as added by the TCJA
  • A review of Sections 641(b), 67(a), 62, 63(d), 67(b), 67(e) and 67(h)
  • A review of the Section 67(e) regulations
  • How to determine what estate and trust expenses are “miscellaneous itemized deductions”
  • KNIGHT v. COMMISSIONER, 127 S. CT. 782 (2008)
  • NOL Carryovers on termination
  • Capital loss carryovers on termination
  • The two parts of Section 642(h)
  • Items excluded from the definition of “miscellaneous itemized deductions” under Section 67(b)
  • Items that constitute “miscellaneous itemized deductions”
  • AMT adjustments & “miscellaneous itemized deductions”
  • Surprising result – simple trust can have taxable income
  • Examples on Tax Forms


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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of ""first impression."" Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - ""Family Tax Planning Forum,"" Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com


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