Form 5227 Reporting: Charitable Split-Interest Annuity Trusts and Unitrusts
Avoiding Common Errors in Information Reporting of CLATs, CRATs, CLUTs, and CRUTs
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax preparers with detailed guidance on preparing Form 5227, Split-Interest Trust Information Return. The panel will address common mistakes and traps for preparers to avoid and will provide detailed guidance on the "four-tier rules," and discuss UBTI and Chapter 42 Excise Tax reporting requirements, as well as the effect of tax reform on the form.
Outline
- Identifying various types of charitable split-interest trusts
- Filing Form 5227
- Fiduciary accounting requirements
- Ancillary forms
- Identifying and avoiding common errors
- Best practices
Benefits
The panel will discuss these and other relevant issues:
- Definitions of the different types of trusts
- Trusts that require certain sections of Form 5227
- Computation of annual payments
- Income-deferral opportunities
- QBI and tax reform considerations
Faculty
Thomas W. Bassett, JD, MBA, CPA, AEP
SVP & Tax Manager, Global Client Tax Services
The Northern Trust Company
Mr. Bassett joined Northern Trust in mid-2022 after 10 years managing the tax team for Commerce Trust Company (St.... | Read More
Mr. Bassett joined Northern Trust in mid-2022 after 10 years managing the tax team for Commerce Trust Company (St. Louis). He oversees the Personal Tax Services and Estate Tax groups at Northern and advises clients on a wide variety of income, estate and gift tax planning concepts.
While at Commerce, Mr. Bassett’s group prepared more than 120 returns for charitable trusts and private foundations.
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Paul Jones, CPA
Attorney
Paul Jones Attorney
Mr. Jones is an attorney and CPA. He focuses his practice on tax law, business law, estate planning, expat tax and... | Read More
Mr. Jones is an attorney and CPA. He focuses his practice on tax law, business law, estate planning, expat tax and wills and trusts. He has given presentations on a wide array of issues, including accounting for trusts and estates, tax planning for trusts and estates, and foreign earned income focusing on exclusion and other tax Issues for expat workers.
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