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

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Overview

This live seminar will be presented as an online broadcast. You can interact with the instructor and other attendees in real time online. IF in-person attendance becomes possible, practicable and safe for all at the Gratzer Education Center, we will notify registrants about that option. 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.

Objectives

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

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

Register Now

Materials are generally available 3 days in advance of an event. Once you have downloaded the manual, we are unable to cancel your registration.

Event Code:

1041116

8 CPE Credits
Tax: 8 Credits

Registration

Member Price:
$349
Non-member Price:
$449
    Register by October 23rd for Early Bird Pricing.

    Registration is open through 11/05.

    Friday, November 6th

    8:00am to 3:30pm
    (Check-In 7:30am)

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    Instructor

    Charles Borek