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Fiduciary Income Tax Returns – Form 1041 Workshop with Filled-in Forms Webinar

CPE

When
June 3
9:00 a.m. - 5:00 p.m.

CPE Credits
8-Tax

Details

 Pricing

PICPA Member: $259 | Nonmember: $359


 More Information

Course No.
1041-2020-01-WEBNR-155-01
Level
Intermediate
Prerequisites
Experience with the preparation of income tax returns
Note
This webinar is hosted by PICPA's partner, Surgent CPE. After registering, you will receive an email from Surgent CPE with the log-in information.

Description

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


Speaker(s)

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.


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