Tax Planning After the Death of a Spouse

Course Description
Course Qualification
Presenter
FAQ

Course Description

At least 1.5 million Americans become widows or widowers per year. What are the tax consequences when a spouse passes away? What decisions need to be made?

The death of one's spouse is typically an extremely difficult emotional trauma. When one loses a spouse, the last thing on the surviving spouse’s mind is the tax issues to be addressed. Nonetheless, the passing of one’s spouse will likely lead to certain federal income tax tasks and responsibilities. Among other things, you'll need to learn the proper procedure for filing and signing your spouse's final income tax return, and you'll need to review the applicable filing status rules.

When one of the two spouses dies, there is generally a decrease in income, but it’s typically somewhat modest as a percentage of the household’s overall income — especially for retired couples who have managed to accumulate significant assets. What generally happens is that the smaller of the two Social Security benefits disappear when one spouse dies, but the portfolio income is largely unchanged. And beginning in the year after the death, the surviving spouse will only have half the standard deduction that the couple used to have. In addition, there will only be half as much room in each tax bracket, and many various deductions/credits will have phaseout ranges that apply at a lower level of income.

In other words, there’s half the standard deduction and half as much room in each tax bracket, but the surviving spouse is left with more than half as much income. The result: their marginal tax rate generally increases relative to the period of retirement during which both spouses were alive.

This CE/CPE tax webinar will help you with tax planning after the death of a spouse.

Learning Objectives

To review the importance of filing for portability of the deceased spouse's unused exemption (DSUE).
To review the rules for step-up in basis.
To discuss what should be done with retirement accounts.
To review estate planning considerations for the surviving spouse.
To explore the consequences of selling the home.

Recommended For

This Online Education Tax Course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and any other tax professionals who help their clients in tax planning after the death of a spouse.
This CE/CPE webinar is also helpful for taxation professionals who want to review estate planning considerations for the surviving spouse.

Who Should Attend?

Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Public Accountant (CPA)
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Maryland Tax Preparers
Oregon Tax Preparers
Tax Attorney
Tax Practitioners
Tax Professionals
Young CPA

Course Qualification

Webinar Qualifies For

1 General Credit for Accountant/Bookkeeper (ACCT./BK)
1 CE Credit for Annual Filing Season Program (AFSP)
1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP)
1 CPE Credit of Taxes for Certified Public Accountants (CPA-US) (Approval No. 6273-CE-0912)
1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01084-22-O)
1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01084-22-O)
1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01084-22-O)
1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
1 CE Credit for Certified Wealth Strategist (CWS)
1 CPE Credit for Certified Government Financial Manager (CGFM)
1 CPD Credit for Personal Financial Specialist (PFS)
1 CPE Credit for Chartered Financial Consultant (ChFC)
1 CPE Credit for Financial Services Certified Professional (FSCP)
1 CPE Credit for Chartered Advisor in Senior Living (CASL)
1 CPE Credit for Chartered Special Needs Consultant (ChSNC)
1 CPE Credit for Retirement Income Certified Professional (RICP)
1 CPE Credit for Wealth Management Certified Professional (WMCP)

Additional details

Course Level :

Basic
Credits :

1
Instructional Method :

Group Internet Based
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Lawrence Pon, CPA/PFS, CFP, EA, USTCP, AEP

Owner, Pon & Associates

Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA

Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.

Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning.

Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco.

About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
IRS and State Audit Representation
Financial Planning
Estate Planning and Preparation
Business startup services including Business Planning
Tax Planning and Consulting
Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

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Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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