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

Nov 29
9:00 - 5:00 p.m.

Online

8-Tax
CPE Credits

This course is designed as a comprehensive guide to 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, excess business loss limitations, 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
Other considerations: excess deductions on termination
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: $259
Nonmember: $359

More Information

Course No. 1041-2022-01-WEBNR-333-01

Level: Intermediate

Prerequisites: Experience with the preparation of income tax returns

Notes
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.

Speaker(s)

Michael Frost

Surgent McCoy CPE LLC

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