September Dinner Meeting
When ‘Income’ isn’t Income. Or is it?
David Green, CPA/PFS, AEP®, CFP®, J.D., LL.M., of David Green CPA PLLC.
The presentation will focus on both theoretical and practical issues relating to fiduciary income tax matters, including the calculation of “trust accounting income” under state law and how various investments made by a fiduciary can impact the calculation of trust accounting income, including:
· Traditional investments, such as stocks or bonds,
· Real estate investment vehicles,
· Life insurance products, and
· Investments in closely-held entities, such as S corporations and LLCs.
Washington State’s Principal and Income Act will be reviewed and analyzed for purposes of determining “trust accounting income” with a variety of investment sources.
Types of trusts will be reviewed with advice given as to how they are classified for income tax purposes (simple or complex) --- with particular attention given to grantor trusts and life insurance trusts.
Consideration will be given to minimizing preventable professional advisor “oopsies” through real life examples of potential pitfalls to consider at the time of both trust inception (drafting) and current operations (investments and distributions).
Lastly, the impact of the 2017 Tax Cuts and Jobs Act will be reviewed for potential impact on historic trust operations and strategies in a lower fiduciary tax rate environment.
David Green, CPA, managing member of David Green CPA PLLC, a boutique tax firm focused on providing high-net-worth and high-income individuals with personalized attention on income, estate and gift tax planning matters, along with their related business entities and trusts. David is also an Adjunct instructor for Gonzaga University’s Graduate School of Business teaching MTAX 613, IRS Practice & Procedure, in the Master of Science in Taxation program. David also has extensive speaking history on tax and financial planning-related topics to clients, employee groups, professional organizations, and education seminars, including the New York University 62 Institute on Federal Taxation and the 52nd Annual Hawaii Tax Institute. He also is the Author of The Impact of the Tax Reform Act of 1986 on Personal Investments, 4 Akron Tax J. 83 (1987) and Tax Strategies for Education Planning, 62 N.Y.U. Inst. on Fed. Tax’n. §25 (2004).
David has over thirty-five years of experience in public accounting, serving high-net-worth and high-income individuals on matters relating to taxation, including estate and gift tax planning, retirement planning, charitable giving strategies, income tax minimization, stock option planning, personal risk management, cash flow/debt management issues, and taxation of fiduciaries. Client base has included executives of Fortune 500 and other companies, owners of closely-held businesses, and private individuals and their related entities and trusts.
Continuing Education has been approved for MCLE, CFP Board and CPE. OIC was not approved for this meeting.
**There are no additional materials for this session**