This session will cover an overview of 1041 tax rules, including planning considerations to minimize estate/trust income taxes, §199A calculations, and distributable net income (DNI). We will also discuss crucial concerns regarding the allocation of estate/trust expenses and new final regulations on the termination of estates and trusts.
Robert S. Barnett, CPA, Esq., is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in taxation, trusts, estates, corporate and partnership law, and charitable planning. His experience includes Surrogate’s Court practice, tax dispute resolution in both Federal and State jurisdictions, and Tax Court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts.
Mr. Barnett applies creative and practical solutions to estate and business planning. He has served on many committees and is a frequent lecturer on numerous tax and business law aspects. He is a member of the Professional Advisors Committee of the Long Island Community Foundation and the American Heart Association. He is active on both the estate and tax planning committees of the New York State Society of CPAs. Mr. Barnett has written articles on numerous estate and tax planning aspects and is a frequent contributor to the New York State CPA Journal, The New York Law Journal, and other publications. His articles and lectures encompass various topics, including business succession, estate planning, generation-skipping, stock options, practical strategies for removing tax liens, proper utilization of the marital deduction, and utilization of partnership elections. Mr. Barnett serves on the Nassau County Bar Association’s Academy of Law and is Co-Chair of the Tax Committee. He is the Vice President and an Executive Board Member of the Nassau Chapter of the New York State Society of CPAs. He is President of the Educational Foundation of the Nassau/Suffolk Chapter of the National Conference of CPA Practitioners and Chairman of the Education Committee. Mr. Barnett has extensive expertise representing clients with unreported foreign assets, including failure to file FBAR forms. He has advised clients in all Offshore Voluntary Disclosure Program facets, including penalty minimization strategies and options. Mr. Barnett received his Juris doctor in 1986 from Fordham University, where he graduated cum laude and was a member of the Fordham Law Review. He graduated magna cum laude from Hofstra University, where he received his Bachelor’s degree in accounting. Mr. Barnett holds a Master’s degree in taxation as the recipient of the highest dean’s award. Mr. Barnett is admitted to practice law in New York, Virginia, and Washington, D.C.