Fiduciary Income Tax Returns: Form 1041 Workshop With Filled-In Forms Livestream

Fiduciary Income Tax Returns: Form 1041 Workshop With Filled-In Forms Livestream

Fiduciary Income Tax Returns: Form 1041 Workshop With Filled-In Forms Livestream

Presenter

Scott Emerson, Consultant, Surgent McCoy CPE, LLC

Overview

This course is designed to help participants understand the core concepts of trust and estate income tax preparation. There will be an explanation of the common terminology and complicated income tax rules of estates and trusts and fiduciary accounting and a refresher on preparing Form 1041. Beginning with a couple simple cases and building upon that base throughout the course, at the end we will complete two complicated preparation cases — one trust and one estate — each with filled-in forms.

Learning Objectives:

  • Be aware of fiduciary accounting principles
  • Calculate Distributable Net Income (DNI) and the income distribution deduction
  • Prepare Form 1041 and Schedule K-1

Major Topics:

  • Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act
  • Calculation of DNI utilizing three different methods: a “forms” method (Schedule B), a “code” method and a “shortcut” method
  • Proper W-2 preparation and procedures in the year of death
  • What must be done when a taxpayer passes before taking a required minimum distribution
  • Forgetful fiduciaries of simple trusts
  • Fluctuating trusts: simple one year, complex the next
  • Dividing income in the year of death
  • Overview of Subchapter J
  • Form preparation issues: filing requirements and line-by-line explanations of Form 1041
  • Taxable income of estates and trusts and expense allocation issues
  • Specific deductions and miscellaneous itemized deductions
  • Income in respect of a decedent
  • The income distribution deduction calculation
  • Relation of principal and income law to DNI
  • Understanding how to handle capital gains and losses
  • Allocating tax items to beneficiaries
  • Comprehensive DNI case study with principal (cost and FMV) and income reconciliation
  • Comprehensive trust and estate case studies with filled-in forms
8.0 CPE Credits

Registration

Registration is open through 10/27.

Member Price

$339

Nonmember Price

$439

  • Retired, Part-time, Unemployed and Leave-of-Absence Members save an additional $50

Tuesday, October 27

8:30am to 4:00pm (Check-In 8:00am)

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