Tax Attic: Upcoming Seminars

I caught a couple of breaks last week when the senior softball league I play in took the week off rather than play on Tuesday, July the third.  Yes, I am still fortunate enough to play weekly on a 55 and older softball team. I started playing ten years ago on the team, currently sponsored by the Last Chance Bar on Burton St., and was the youngest player then.  Now, I am just about the oldest player.  Most players don’t make it from 55 to 65 for a variety of reasons.  Declining physical skills is reason number one.  I can tell you that I’m not nearly as fast now as I was even five years ago. My hand-eye coordination is a little weaker and I can’t throw with the 55 year old players anymore.  However, I’m not totally over the hill yet.  Reason number two is the increasing frequency of various health issues. Serious elbow and shoulder surgeries; knee and hip replacements, hurt backs, ruptured Achilles’ tendons and heart issues have all taken their toll. In addition, there are the more routine complications such as eyesight issues and various pulled muscles including hamstrings and tweaked achilles tendons.  All of these have thinned out the playing crowd tremendously. All of these I have been fortunate enough to pretty much side step for the last ten years until two weeks ago when I pulled a muscle in my back.  That is one break I got when there wasn’t a game on the 3rd.   That gives me a week to get back into playing condition for the 10th.  The other break I got was, by not playing, I was then able to go down to Garden Park to listen to Reverend Peyton’s Big Damn Band play as part of the Rogue River Blues series. The Reverend and his three-person band put on quite the show; playing for almost two hours straight without a break.  The Band hails from a southern Indiana city, Nashville, which is a bigger version of Rockford. The Coons vacationed down there a couple of years ago and had a wonderful time.  It was a neat connection for Deb and me.  Sorry, Steve, as in Mayor Jazwiec, who is the emcee and arranger of the Blues series, if I am physically able to perform next Tuesday, I plan to be playing softball with a bunch of other old guys.  I’m looking forward to it.

I’m also looking forward to attending a couple of seminars this summer.  One deals with the new tax law.  I guarantee that one will be the first of many on that subject that my staff and I will be attending before the next tax season gets under way.  The second is a one-day seminar on the subject of preparing estate and trust returns and also going over the gift tax rules. With every year that goes by, I seem to be involved in preparing more estate returns.  As our parents, aunts, uncles, and unfortunately, sometimes children, pass away, many of those decedents meet the requirements of having to prepare an estate return.  Basically, when we take our last breath, our estate comes to life.  The estate, as of that moment, owns the property of the decedent.  The Internal Revenue Service may then require a responsible person to file an estate tax return, Form 1041.  The 1041 is used to identify inherited property and provide details of how much the property was disposed of for, as well as giving many of the details of how the estate spent the money it received. The 1041 also give the names, addresses, and social security numbers of all beneficiaries and itemize the taxable amount, if any, each beneficiary might receive from the estate.  It’s an interesting process.  I will pass on any nuggets I receive from the coming seminars.  This is Jerry Coon signing off.

Jerry Coon is an Enrolled Agent.

He owns Action Tax Service on Northland Dr in Rockford.

Contact Jerry at www.actiontaservice.com