BEPC Webinar: New Section 67(g) – Form 1041 Trust Deduction Rules Post TCJA of 2017
Join us from 2:00 - 3:00 PM ET on July 29, 2020
Presented by Jeremiah W. Doyle, IV, Esq., with BNY Mellon Wealth Management
Confusion reigns over expenses of an estate or trust are deductible for income tax purposes. This program will review the enactment of the Section 67(a) 2% floor and Section 67(g) disallowance of miscellaneous itemized deductions for the years 2018 through 2025. Included will be a discussion of the final Section 67(e) regulations, Notice 2018-61 along with the proposed 67(g) regulations released on May 7, 2020, including the changes the new proposed regulations make to the rules for excess deductions during 2018 through 2025. Finally, the program will include examples of how a simple trust may now have taxable income as a result of changes made by the TCJA of 2017.
Jeremiah W. Doyle, IV, Esq., Senior Vice President, BNY Mellon Wealth Management
Jere Doyle is an estate planning strategist for BNY Mellon's Private Wealth Management group and a Senior Vice President of Bank of New York Mellon. Jere is admitted to practice law in the Commonwealth of Massachusetts and before the United States District Court, United States Court of Appeals (First Circuit), United States Tax Court. He formerly served as a member of the Massachusetts Joint Bar Committee on Judicial Appointments. He is the editor and co-author of the of Preparing Fiduciary Income Tax Returns, a contributing author of Preparing Estate Tax Returns, a contributing author of Understanding and Using Trusts, a contributing author of Drafting Irrevocable Trusts in Massachusetts all published by Massachusetts Continuing Legal Education and a reviewing editor of the 1041 Deskbook published by Practitioner’s Publishing Company. Jere is a lecturer in law in the Graduate Tax Program at Boston University School of Law. Jere received a LL.M. in banking law from Boston University Law School, a LL.M. in taxation from Boston University Law School, a Juris Doctor from Hamline University Law School and a BS in accounting from Providence College. He served as president of the Boston Estate Planning Council and formerly served as a member of its Executive Committee and was a 20-year member of the Executive Committee of the Essex County Bar Association. He was named as the “Estate Planner of the Year” in 2009 by the Boston Estate Planning Council.
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Category of Track: Tax
Level of Track: Technical
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