O’Connor Davies Trust and Estate Department Advises Executors on Maximizing Tax Savings in September Issue of Estate Planning

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CPA and Partner Christine G. Pronek examines impact of decisions on income tax returns to avoid pitfalls and achieve favorable tax results for estates and beneficiaries

O’Connor Davies, LLP, one of the nation’s fastest growing accounting and advisory firms, today announced the publication of “Planning Opportunities on an Estate’s Income Tax Return” – authored by Christine G. Pronek, CPA, MST, Partner in the Trust and Estate Department of O’Connor Davies – in this month’s issue of Estate Planning.

With over 15 years of experience in public accounting and three years with the IRS, Pronek is a recognized industry expert in counseling trust and estate clients through the complex income tax return process to ensure optimal use of available elections and deductions.

“Handling the administration of an estate needs to be done precisely to avoid creating disadvantageous tax situations and delicately to relieve beneficiaries of a burdensome myriad of tax considerations,” said Christine G. Pronek. “One of the most common mistakes I see is the duplication of deductions on the decedent’s estate tax return and the estate’s income tax return, which may be prepared by different professionals operating in a vacuum. In this case, communication between the preparers is imperative to ensure cohesiveness between the tax returns and the use of available planning opportunities.”

Pronek’s article elaborates on key factors critical to the income tax preparation process, including:

  •     Choice of fiscal year and final income tax year of the estate
  •     Election to include a revocable trust in an estate’s income tax return
  •     Using the 65-day election
  •     Distributions of property
  •     Electing to deduct expenses on income vs. estate tax return
  •     Importance of estate tax deduction

Estate Planning is a publication from Thomson Reuters and available by magazine and online subscription.

About O’Connor Davies

O’Connor Davies, LLP is a full service Certified Public Accounting and advisory firm that has a long history of serving clients both domestically and internationally and providing specialized professional services of the highest quality. With roots tracing to 1891, nine offices in New York, New Jersey, Connecticut and Maryland, and more than 550 professionals, led by 90 partners, the Firm provides a complete range of accounting, auditing, tax and management advisory services. O’Connor Davies is ranked number 30 in Accounting Today’s 2015 “Top 100 Firms” list and the Firm is also recognized as one of the “Top Ten Fastest-Growing Firms,” a “Leader in Audit and Accounting,” a “Pacesetter in Growth” and one of the “Top Firms in the Mid-Atlantic.” O’Connor Davies is among the 20 largest accounting firms in the New York Metropolitan area, according to Crain’s New York Business and the Westchester and Fairfield County Business Journals. For more information on O’Connor Davies, visit http://www.ODPKF.com.

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