News

Nov 30, 2017

Chuhak & Tecson attorneys reveal the crucial estate tax information for administrators

William P. Ellsworth and David B. Shiner, principals with Chuhak & Tecson, P.C., teamed up to present Practical Guidelines for Managing a Decedent’s Estate at the Illinois CPA Society. Their presentation provided an inside look at best practices for post-death estate planning and the corresponding tax issues.

“Our presentation was structured to be interactive; the CPAs had the opportunity to ask a lot of questions,“ Shiner said. “The group walked away with current, relevant knowledge that they can use in their practice right away.”

Ellsworth and Shiner focused on the preparation of the estate return (Form 706) and the fiduciary income tax return (Form 1041), which was followed with recommendations and key information that should be provided to an administrator after a client’s death.

“The CPAs valued the real-life scenarios we provided, along with thorough descriptions of the possible deductions,” said Ellsworth. “They understand why the estate tax return is often a legal form as it is an accounting form and taxable estates have a very high audit rate.”

Founded in 1903, the Illinois CPA Society is one of the largest state CPA societies in the nation, with the core mission of enhancing the value of the CPA profession.

This year Chuhak & Tecson is celebrating its 30th anniversary with a special emphasis on education. Attorneys are getting out among the firm’s audiences and communities and sharing their knowledge through seminars and presentations—like this one. To learn more, click here