How to Handle Insolvent Estates: What an attorney should know
Georgine M. Kryda founded Georgine M. Kryda, Ph.D., Esq., LLC in 2008, and Georgine M. Kryda, C.P.A., LLC in 2015. Georgine earned her J.D. from the George Washington University Law School, and her LL.M. in Taxation from the University of Denver.
$195.00 2 hour CLE
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Program Summary
Handling insolvent estates is challenging because the fiduciary must faithfully and impartially adhere to the terms of the Decedent’s Will and address the Decedent’s outstanding federal and state tax liabilities. This CLE will provide suggestions for how to: obtain information about a Decedent’s federal and state tax liabilities, compose a plan for administration of the insolvent estate, be aware of potential IRS challenges to estate administration expenses, and work with the IRS to resolve a Decedent’s federal tax liabilities.
Key topics to be discussed:
- Fiduciary versus tax accounting
- Priority of payment of federal and state tax debts in relation to statutory allowances and creditor claims
- Issues regarding how the IRS may define reasonable and necessary expenses of estate administration
- IRS statutes of limitations and liability for filing of income tax returns
Date: January 26, 2023
Closed-captioning available
Speakers
Georgine M. Kryda | Georgine M. Kryda, Ph.D., Esq., LLC
Georgine M. Kryda founded Georgine M. Kryda, Ph.D., Esq., LLC in 2008, and Georgine M. Kryda, C.P.A., LLC in 2015. Georgine earned her J.D. from the George Washington University Law School, and her LL.M. in Taxation from the University of Denver. She is licensed to practice law, and as a CPA, in Colorado. As an attorney, Georgine practices in the areas of Trusts & Estates (T&E) planning, litigation, and administration, as well as Tax planning and controversy resolution for individuals and fiduciaries. As a CPA, Georgine prepares tax returns for individuals and fiduciaries. As a CPA and as a Certified Fraud Examiner, Georgine provides litigation support and forensic accounting.
Georgine has chaired the Taxation Section and served on the T&E Section’s Executive Council of the Colorado Bar Association. She is a Fellow of the American College of Trust and Estate Counsel and has been recognized as a Super Lawyer “Rising Star” from 2016 – 2018, and as a Super Lawyer from 2019 onward. She holds a Ph.D. in Business Administration from the University of Illinois at Urbana-Champaign; an MBA with an emphasis in Finance; a Master of International Management; and a B.A. in Economics & Business Administration.
Agenda
I. Fiduciary versus tax accounting | 2:00pm – 2:30pm
II. Priority of payment of federal and state tax :debts in relation to statutory allowances and creditor claims | 2:30pm – 3:00pm
Break | 3:00pm – 3:10pm
III. Issues regarding how the IRS may define reasonable and necessary expenses of estate administration | 3:10pm – 3:40pm
IV. IRS statutes of limitations and liability for filing of income tax returns | 3:40pm – 4:10pm
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