Tools to elevate your practice, keep up with ever-changing tax laws, stay current on trending topics and maintain the highest ethical standards, $100 savings on various tax conferences and 20% off select tax webcasts plus other special offers, 4 free webcasts + 2 free self-study courses plus an on-demand learning library, Subscription to the award-winningTax Advisermagazine, weekly newsletter and more, In-person and online networking opportunities through the Tax LinkedIn Group, and Volunteer Central, Monitoring and advocating forlegislative, regulatory and administrative tax matterson your behalf. Trying to log in to another AICPA website? All rights reserved. ______ ____ ______________119)Consider obtaining copies of marriage, birth and death certificates.________________________120)Confirm proof as U.S. citizens for grantor(s) and beneficiaries.________________________121)If first return for an estate, determine proper allocation of income and deductions between trust, estate, and/or final Form 1040. Find out how to identify additional service opportunities by walking through Form 1040 line-by-line with thisfree tax return analysis checklist. All rights reserved. The Tax Section membership delivers what you want and what you need. Renewal invoices are sent in June. CPAs practicing in tax are experts in tax services. A tax practitioner who fails to retain a copy or list as required by Sec. Our advocacy partners are state CPA societies and other professional organizations, as we inform and educate federal, state and local policymakers regarding key issues. ________________________403)Claim prior year overpayment applied, withheld taxes, estimate payments, and extension payment. Gift Tax Return (Form 709). ______ ____ ______________207)Review current K-1s received to determine that all items have been properly reported. Consider reviewing the AICPA's Initial Business Return Filing Checklist and the IRS's Closing a Business Checklist. 1.168(k)-1(g)(4)(ii). Page Completed ( SHORT VERSION ESTATE AND TRUST INCOME TAX RETURN CHECKLIST2013 - FORM 1041 Page PAGE 1 of NUMPAGES 9 ( 2013 AICPA, Inc. ______ ____ ______________109)Determine proper classification of trust (grantor, simple, complex, qualified disability trust, ESBT, pooled income fund, bankruptcy estate). All rights reserved. The Business Valuation Resources section presents guidance on performing valuations of closely-held businesses and intangible assets, including an overview of the valuation process, the factors to consider before accepting the valuation engagement, and the various methods of valuation. Feedback. These practice guides are issued as drafts only, and you retain responsibility for their final content. Not all CPE credits are equal. 2008-59, 2009-47, and Rev. Chartered Global Management Accountant (CGMA), Certified Information Technology Professional (CITP), Certified in Entity and Intangible Valuations (CEIV), Certified in the Valuation of Financial Instruments (CVFI), Employee Benefit Plan Audit Quality Center. 0 ______ ____ ______________510)Consider risk of accuracy-related penalty ( 6662, and Woodsum 136 T.C. Tools, advocacy and guidance to strengthen your services in estate, tax, retirement, risk management and investment planning, Supporting your work with NFPs through the latest accounting, auditing, tax and governance resources, Professional guidance, resources and tools for your forensic accounting and business valuation role, Access to exclusive resources, networking and guidance for CPAs, Achievements that amplify and display your expertise to the world. ______ ____ ______________212)If trust is an electing small business trust ( 1361[c][2][A][v]) consider special taxation rules under 641(c). When we see legislative developments affecting the accounting profession, we speak up with a collective voice and advocate on your behalf. ______ ____ ______________508)Consider election to forgo net operating loss carryback (note statement required to be attached to return for election). If you dont offer these services, tell them youll work with a team of professionals on their behalf. But it's one that will reap big rewards if you choose to pursue it. We are the American Institute of CPAs, the worlds largest member association representing the accounting profession. Tax and financial planning includes five main areas: tax, retirement, estate, risk management and investment planning. Not all CPE credits are equal. ______ ____ ______________310)Determine the amount of deduction for estate tax attributable to income in respect of decedent, including generation-skipping transfer tax. Rul. ______ ____ ______________124)Consider filing Form 56 (Fiduciary Relationship Notice) even though not required for initial and final return (Recommended). and qualified non-personal use trucks and vans. If so, take additional steps as necessary. ______ ____ ______________.13)Cost segregation analysis for building components. This checklist walks you through your tax return to assist you in creating a comprehensive financial plan. For the purpose of ascertaining the correctness of any return, making a return where none has been made, determining the liability of any person for any internal revenue tax or the liability at law or in equity of any transferee or fiduciary of any person in respect of any internal revenue tax, or collecting any such liability, the Secretary is ______ ____ ______________128)Consider filing power of attorney.________________________129)Determine if a foreign trust.________________________130)Determine if a U.S. person created or transferred property to a foreign trust. The CPA license is the foundation for all of your career opportunities in accounting. Our advocacy partners are state CPA societies and other professional organizations, as we inform and educate federal, state and local policymakers regarding key issues. This site uses cookies to store information on your computer. Spend your time wisely, and be confident that you're gaining knowledge straight from the source. And the Roadmap to developing a tax & financial planning businesswill guide you along the way. Login is required.) ______ ____ ______________407)Determine if EFTPS is required for federal payments and similar state requirements. By using the site, you consent to the placement of these cookies. Spend your time wisely, and be confident that you're gaining knowledge straight from the source. ______ ____ ______________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. Gift Tax Return Checklist - 2013 This page includes a checklist for the 2012 U.S. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. 102) Obtain a signed engagement letter. ACA Individual Mandate: Supplement to Individual Income Tax Return, C Corporation Income Tax Return Checklist (Long), C Corporation Income Tax Return Checklist (Mini), C Corporation Income Tax Return Checklist (Short), Estate and Trust Income Tax Return Checklist (Long), Estate and Trust Income Tax Return Checklist (Mini), Estate and Trust Income Tax Return Checklist (Short), Individual Income Tax Return Checklist (Long), Individual Income Tax Return Checklist (Mini), Individual Income Tax Return Checklist (Short), PartnershipIncome Tax Return Checklist (Long), Partnership Income Tax Return Checklist (Mini), Partnership Income Tax Return Checklist (Short), Organization Exempt from Income Tax Checklist, S Corporation Income Tax Return Checklist (Long), S Corporation Income Tax Return Checklist (Mini), S Corporation Income Tax Return Checklist (Short), U.S. Estate (and GST) Tax Return Checklist, Chartered Global Management Accountant (CGMA), Certified Information Technology Professional (CITP), Certified in Entity and Intangible Valuations (CEIV), Employee Benefit Plan Audit Quality Center, Get a free version of Adobe Acrobat Reader, Exempt Organization Business Income Tax Checklist. 2008-23). Association of International Certified Professional Accountants. We are the American Institute of CPAs, the world's largest member association representing the accounting profession. ______ ____ ______________506)Consider that most domestic trusts are not subject to accumulation distributions. Not all CPE credits are equal. In those instances, use this checklist as a tool to help prepare moderately complex estate and trust tax returns (Form 1041, U.S. Income Tax Return for Estates and Trusts). ______ ____ ______________122)Review trust document for termination date.________________________123)Determine accounting income as provided under the governing document and applicable state laws (Reg. ________________________200)INCOME201)Compare sources and amounts of dividend and interest income with prior year items. Client Name and Number: Prepared by: Date: Reviewed by: Date: COMMENTS OR DONE N/A EXPLANATION 100) GENERAL INFORMATION 101) Consider federal and state e-filing requirements. Follow the step-by-step instructions below to design your c corp tax return: ______ ____ ______________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. ______ ____ ______________302)Consider all depreciation requirements and options including:.1) 179 deduction is not allowed. 14 0 obj <> endobj Trying to log in to another AICPA website? 7sYC ______ ____ ______________.7)Depreciation of property received in a like-kind exchange or involuntary conversion (T.D. 29). 1.6011-4 if estate or trust participates, directly or indirectly, in listed transactions. ______ ____ ______________.12)Reduced depreciable lives for real estate improvements and special structures. To get your license, keep 3 E's in mind: education, examination and experience. This gives you an opportunity to have important planning discussions with them. Also see the 2013 Tax Organizer for estate tax. The AICPA checklists are a good source, since they are put together by members that are actually in tax practice and are very comprehensive. Spend your time wisely, and be confident that you're gaining knowledge straight from the source. The CPA license is the foundation for all of your career opportunities in accounting. Today, you'll find our 412,000+ members in 144 countries, representing many areas of practice, including business and industry, public practice, government, education and consulting. Are you intrigued by what you've read so far? Close this window This site uses cookies to store information on your computer. ______ ____ ______________COMMENTS OR EXPLANATIONS SHORT VERSION ESTATE AND TRUST INCOME TAX RETURN CHECKLIST2013 - FORM 1041 COMMENTS ORDONEN/AEXPLANATION Page PAGE 9 of NUMPAGES 9 ( 2013 AICPA, Inc. Tax professionals have always looked to the American Institute of Certified Public Accountants, page online. For information on retail purchases of, Chartered Global Management Accountant (CGMA), Certified Information Technology Professional (CITP), Certified in Entity and Intangible Valuations (CEIV), Employee Benefit Plan Audit Quality Center, Get a free version of Adobe Acrobat Reader, AICPA Unveils Interactive Checklists to Ease Tax Preparation. Make sure your clients know you can help them by labeling yourself as a CPA financial planner. ? ______ ____ ______________202)Sale or dispositions of property:.1)Check for recapture items (Note unrecaptured 1250 gain).________________________.2)Review for adequate stated interest on debt instruments.________________________.3)Determine if installment sale rules apply (See Installment Sale Checklist). The AICPA offers a wealth of tax and financial planning resources to help you nurture client relationships, stay top of mind when opportunities arise and manage a successful practice. Membership in both the Personal Financial Planning Section and the Tax Section will help you do just that. ______ ____ ______________.7)Consider rules for related party and like-kind exchanges (Form 8824). Read ourprivacy policyto learn more. Page Completed ( I J K L ^ _ a b c g h k l x y vododdXdXdoIIo h7 h CJ OJ QJ aJ h7 h >*OJ QJ h7 h OJ QJ h7 hP ,h7 hP CJ OJ QJ aJ mH nH sH tH h7 hP CJ OJ QJ mH sH h7 h CJ OJ QJ aJ h7 h CJ OJ QJ h7 h ,h7 h CJ OJ QJ aJ mH nH sH tH h7 h CJ OJ QJ mH sH ,hZy h CJ OJ QJ aJ mH nH sH tH u `'d $If `'d $If gdP K kd $$If 0 `' %`' 4 a ytj9 ' !`'d $If gdP ' !`'d $If K L M N O K ? To get your license, keep 3 E's in mind: education, examination and experience. Resources Tools to elevate your practice, keep up with ever-changing tax laws, stay current on trending topics and maintain the highest ethical standards Discounts $ $ $ $ $ $ $ $ 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| ? You can download a PDF copy of this form using the link on this page. Our advice for now? 101) Determine if this is a first-year return or a final return. The Word format allows you to easily modify the files to suit your needs. For property acquired in a like-kind exchange or replaced in an involuntary conversion See Regs 1.168(i)-6(c)(1), 1.168(i)-(c)(3)(ii),1.168(k)-1(f)(5)(iii)(A), and 1.168(k)-1(f)(5)(vi). Your involvement in peer review makes quality accounting, auditing and attestation services possible.