Community Property: Estate and Income Tax Issues
Preserving Community Property Status Until Death, Filing Separate Returns, IRS Challenges
Recording of a 110-minute CPE webinar with Q&A
This course will explain the benefits and caveats of holding community property for tax practitioners and advisers working with mobile clients. The panel will discuss identifying community property and helping clients retain or acquire community property status, when beneficial, along with the income and transfer tax reporting problems that come with this holding structure.
Outline
- Community property overview
- Other real estate ownership structures
- Estates and community property
- Income tax and community property
- Reporting issues: Forms 706, 709, and 1040
- Recent cases
Benefits
The panel will cover these and other critical issues:
- What practitioners need to know to advise clients living in, or previously from, community property states
- When taxpayers may benefit from filing separate returns in community property states
- When it is tax-advantageous to preserve community property status?
- What are the estate and income tax reporting issues for community property?
- IRS challenges to ownership structure
- Community property issues and complications in tax controversy matters
Faculty
Ernest F. Howard, CPA
Sole Proprietor
Mr. Howard has been in practice since 1978, offering a full range of accounting, tax, and business consulting services,... | Read More
Mr. Howard has been in practice since 1978, offering a full range of accounting, tax, and business consulting services, as well as aggressive tax planning and tax-audit defense. Client services provided includes assisting in organization of many new businesses and representation in tax audit and controversy matters. He is Chair of CalCPA Hollywood/Beverly Hills Discussion Group Since 1986 chairing 36 programs per year on important tax, accounting and business topics. Mr Howard is a Member of Planning Committee and past speaker at UCLA Tax Controversy institute. He is past co-chair and speaker at CalCPA annual tax conference. Mr. Howard is a frequent TV, radio and newspaper media speaker and source for tax and accounting stories. He is a past part time Accounting Instructor at CSU, Dominquez Hills and part time instructor at Golden Gate University (Los Angeles Campus) Masters in Taxation program since 1999, courses taught include "S -Corp and LLC's", "Corporations II", "Taxation of Corporate Reorganizations" and "Tax Attribute Carry-Overs"; Mr. Howard's prior experience includes: five years of experience working with Big Six (Peat, Marwick, Mitchell & Co. – now KPMG); experience in charge responsibility on certified audits and preparation of financial statements for publicly held corporations, preparation of unaudited financial statements, as well as corporation and partnership tax returns.
Joan E. Loos
Partner
Stegmeier Gelbart Schwartz & Benavente
Ms. Loos has lectured to study groups on topics such as jurisdiction issues and Judgment enforcement, and has been a... | Read More
Ms. Loos has lectured to study groups on topics such as jurisdiction issues and Judgment enforcement, and has been a contributing author for the family law edition of the GPSolo magazine, a legal magazine published by the American Bar Association that is devoted to themes of critical importance to lawyers.
Close
David Lee Rice
Managing Partner
Mr. Rice is a Certified Specialist in Taxation with the State Bar of California and is also a Certified Elder Law... | Read More
Mr. Rice is a Certified Specialist in Taxation with the State Bar of California and is also a Certified Elder Law Specialist in Elder Law with the National Academy of Elder Law Attorneys.
Close