Wednesday, October 18, 2023
12:00pm - 1:00pm Eastern

AAA-CPA PA/DE Valley Chapter Meeting
Gift Tax Return Adequate Disclosure; Transferee Liability

Class presented by: Steve Gorin, JD, CPA

Program Description
Drawn from Steve Gorin’s 2nd quarter 2023 newsletter, our presenter will cover important recent cases on how to satisfy the adequate disclosure requirements for gift tax returns and transferee liability for estate tax that may now be imposed on beneficiaries automatically when they receive a bequest.

Our presentation will provide clarification of standards for gift tax return adequate disclosure (case of first impression for Tax Court) and review how this informs return preparation and planning for defined value formula transactions.

Steve will also review how transferee liability normally required a fraudulent (voidable) transfer under state law as well as a finding of federal liability, but a split decision of the Ninth Circuit ruled that no such finding is required regarding unpaid estate tax when distributions of bequeathed property are made to beneficiaries – no matter how far down the line they are. He will provide an overview of strategic implications if such a rule applies to your clients.

Education Credits
This program offers 1.0 CPE credit and should offer 1.0 (M)CLE credit in Pennsylvania only. (M)CLE credit for other states may be permitted via self-reporting.

AAA-CPA will only report education credit to the state bars of dues-paid members; any state reporting fees will be the responsibility of the member.

Cost
No charge for members; $20 for nonmembers

Presenter
Steve Gorin, JD, CPA
Steve is a practitioner in the areas of estate planning and the structuring of privately held businesses. Lawyers, accountants and business owners regularly look to Steve for fresh, highly knowledgeable insights into the best possible tax and estate planning approaches to their transactions.

Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.

Drawing on his background as an accountant — and his still-current CPA license and Chartered Global Management Accountant credential — Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.

Over the course of his 30-year career, Steve has amassed a deep knowledge of nearly every aspect of tax strategy for privately held businesses and freely shares that knowledge with others in the field. His quarterly newsletter, "Business Succession Solutions," is considered essential reading for hundreds of CPAs and attorneys, who describe it as "a fantastic contribution to the field." Steve also maintains a blog, Business Succession Solutions, intended to help business owners — and those who advise or support them — consider smart tax strategies.

Steve is a highly visible member of the ABA's Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve's quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.

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