Estates and Trusts: Executor Duties and Tax Responsibilities in Estate Administration WEBCAST
Overview
This course reviews the legal, fiduciary, and federal tax responsibilities of an executor or personal representative during the administration of a decedent’s estate. Participants will examine the executor’s duties from initial appointment through final distribution, including identifying and managing estate assets, settling creditor claims, and administering distributions to beneficiaries. The course also reviews filing requirements for the decedent’s final Form 1040, the estate’s Form 1041, and the federal estate tax return, Form 706, along with the treatment of income in respect of a decedent (IRD) and basis adjustments. Participants will also examine IRS procedural requirements, including obtaining an EIN for the estate, responding to IRS notices, and recognizing potential audit risks. Emphasis is placed on practical estate administration procedures, executor liability considerations, and maintaining proper estate accounting records and documentation to support compliance with federal tax requirements.
Highlights
Legal and fiduciary responsibilities of the executor or personal representative. Overview of the estate administration process from appointment through final distribution. Filing requirements for Form 1040, Form 1041, and Form 706.Income in respect of a decedent (IRD) and basis adjustments. Estate asset identification, valuation, and management. Creditor claims, debt settlement, and distribution procedures. Obtaining an EIN for the estate and IRS notice procedures. RS audit risks related to estate administration. Executor liability considerations and risk management. Estate accounting records, documentation, and communication with beneficiaries.
Prerequisites
None.
Designed For
CPAs, EAs, attorneys, and financial professionals involved in estate administration.
Objectives
Identify the legal and fiduciary duties of an executor under federal and state law. Determine filing requirements for Form 1040, Form 1041, and Form 706.Apply rules related to income in respect of a decedent (IRD) and basis adjustments. Analyze procedures for estate asset management, debt settlement, and beneficiary distributions. Navigate IRS procedures including EIN application, notice requirements, and potential audit risks. Evaluate executor liability and methods for minimizing personal exposure. Implement appropriate estate accounting, recordkeeping, and communication practices during estate administration.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Mary Jane Hourani, Professional Education Management Inc
Mary Jane Hourani, MM, EA, NTPI Fellow, Tax Accountant Mary Jane has been practicing since 1993, working for a couple larger Tax, Accounting, & Audit Firms in before transitioning to her own practice in 2005. Mary Jane has a Master of Management from Walsh College of Accountancy and Business Administration as well as a Bachelor of Science from Eastern Michigan University in Public Administration with a focus in Organizational Development and Governmental Accounting. She is credentialed as an Internal Revenue Service Enrolled Agent, allowing her to practice before the IRS. With this credential, she has direct oversite by the IRS Office of Professional Responsibility. She is also a National Association of Enrolled Agents NTPI Fellow. Mary Jane has been an Instructor of Tax for Michigan State University Tax School since 2008 as well as a speaker for several trade organizations since 2005. Mary Jane has been a Contributing Editor and Contributing Author of the National Tax Workbook for the Land Grand University Tax Education Foundation since 2009. She writes and compiles tax course packs used by Michigan State University Tax School and other trade organizations. She is a former H&R Block Instructor/Trainer. Mary Jane is a member of the National Association of Enrolled Agents, Michigan Association of Certified Public Accountants, National Association of Tax Professionals, American Institute of Professional Bookkeepers, and is a QuickBooks ProAdvisor.
Non-Member Price $179.00
Member Price $149.00