2022 Estate & Financial Planning Quarterly Update (Winter)

Author: Klaralee R. Charlton

Legislation, Treasury Releases, and Case Law all affect tax practitioners and their clients. Staying up to date on changes to laws and how laws are interpreted by the IRS and the courts is crucial to providing accurate and quality services to clients. This quarterly presentation will review the most recent legislative, regulatory, and case law authority and provide suggestions for best practices in light of the changing tax environment.

Publication Date: February 2022

Designed For
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

• Legislative Developments
  • New 1099-K Reporting Levels
  • Cryptocurrency Reporting
• Case Law Opinions
  • Jones v. McGreevy, Pa. App., January 11, 2022
  • FAB Holdings, LLC v. Comm'r, No. 21971-17 (U.S.T.C. Jan. 27, 2022)
  • Revisiting Smaldino v. Comm'r, T.C. Memo. 2021-127, November 10, 2021
• Treasury Releases
  • Chief Counsel Advice 202152018
  • Chief Counsel Advice 202202011
  • Private Letter Ruling 202152006
• Client Planning Opportunities
  • Avoiding Litigation in Post-Death Estate Administration

Learning Objectives

• Summarize legislative provisions affecting client's estate and financial planning goals
• Describe any proposed or finalized regulations and the pros and cons affecting taxpayers
• Recognize and analyze the potential tax impacts related to revenue rules and case law decisions affecting estate tax and fiduciary income tax
• Identify how to recommend estate and financial planning ideas for clients looking to reduce tax liability while achieving estate planning goals
• Identify the previous Form 1099-K reporting threshold for third party payment networks prior to the passage of the American Rescue Plan
• State the transaction starting effective date of the new Form 1099-K reporting threshold for third party payment networks after passage of the American Rescue Plan
• Identify the case that revived the question of whether an inherited IRA is protected from claims of creditors the same way an owner's own IRA is protected
• Identify one of the key takeaways with respect to the case of Crain v. Crain

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of estate & financial planning.

Advance Preparation
None