AACC: Death & Taxes and Not for Profit Update

Join us for this interactive update covering Death and Taxes and a Not for Profit Update, presented by experts from Frost Law and the firm of Jones, Maresca & McQuade, P.A.

Rebecca Sheppard, Esq. and Leanne Broyles, Esq. from Frost Law will cover Death and Taxes: What happens when someone dies and has not filed tax returns? What if the person who dies owes money to the IRS? This program will provide an overview of the IRS’s ability to recover from different types of assets, and assets with joint owners. It will also include a review of the responsibilities and potential for liability for fiduciaries and heirs, and possible ways to reduce outstanding balances. 

Learning Objectives and Program Content:

At the end of this session, participants will have:

• Acquired an understanding of the IRS’s collection statute expiration date
• Picked up rules and duties that apply to fiduciaries regarding income tax  
• Gained an understanding of the different collection rules regarding different types of assets that are held prior to someone’s death and once someone passes.    
• Achieve ability to issue spot regarding possible transferee liability.

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Sean McElwaney, CPA and Terry Mullen, MBA from Jones, Maresca & McQuade, P.A will present the Not for Profit Update, topics to be covered during this time will be:

• 2021 General Update (Cares Act, PPP Loans, other available grants)
• 990 Basics and Important items (Parts I – XI and various schedules)
• Common Unrelated Business Taxable Income activities