Fiduciary Income Tax Returns -- Form 1041 Workshop with Filled-in Forms Webinar
Oct 22 9:00 - 5:00 p.m.
Online
8-Tax CPE Credits
This course is designed for participants to understand the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms. Highlights
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, utilizing a worksheet of common income and expenses
Proper W-2 preparation and procedures in the year of death
Taxpayer passes before taking a required minimum distribution; what must be done?
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: another K-1
Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
Comprehensive trust and estate case studies, with filled-in forms
Registration
PICPA Member: $239 Nonmember: $339
More Information
Course No.
1041-2019-01-WEBNR-295-01
Level:
Intermediate
Prerequisites:
Experience with the preparation of income tax returns
Speaker(s)
Dennis Benvie
Surgent McCoy CPE LLC
Dennis P. Benvie, MS, CPA Managing Member Surgent
McCoy CPE, LLC.
In addition to instructing continuing professional
education seminars for 20 years, he also writes, edits, and/or updates many
Surgent McCoy publications. He consistently receives high evaluations for
knowledge and presentation skills, and has been recognized as The Outstanding
Discussion Leader of the Year, awarded by the state of Indiana. Prior to
becoming a member partner of Surgent McCoy CPE, LLC, Dennis spent 15 years as a
partner with a local Cincinnati CPA firm.
Dennis has 30 years of public accounting experience specializing in tax,
accounting, and management advisory for closely held businesses and individuals.
His background also includes association with a tax attorney's office and
instructing accounting classes as adjunct accounting faculty of local state
universities. Mr. Benvie is a graduate of Miami ( Ohio) University, degree in
Accountancy, and has also earned a Masters of Science in Taxation degree from
the University of Cincinnati.