Live Stream: Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms

260  |  Partner Virtual Events  |  Intermediate  |  Scheduled

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.

Credits

Number of Credits Type of Credits
8 CFP
6.75 CLE
8 Tax

Prerequisites

Experience with the preparation of income tax returns

Highlights

  • Classifying receipts between "Income" and "Corpus" under the Uniform Principle and Income Act
  • Forgetful fiduciaries of Simple Trusts
  • Fluctuating trusts - Simple one year, complex the next
  • 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
  • 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
  • Tax-planning concerns and special issues
  • Allocating tax items to beneficiaries: another K-1
  • Reporting in light of the net investment income tax
  • Comprehensive DNI calculation case study
  • Comprehensive trust case study, with filled-in forms
  • Overview of estate case study, 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

Preparation

Download course material prior to event.

Prices

Member (Early Bird)
$295.00
Non-Member (Early Bird)
$395.00
Member
$295.00
Non-Member
$395.00
Your Price: $395.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

Members log in and save $100.00 on this event. Not a member? join today.

$25.00

In order to select CLE credits, please login to your account or register with your applicable BPR number.

$0.00

In order to select CFP credits, please login to your account or register with your applicable CFP number.

Facilitators

Scott Emerson

Scott Emerson is a new instructor for Surgent McCoy CPE, LLC. He was a revenue agent for Internal Revenue Service for 27-½ years. He has instructed both continuing professional education seminars and continuing legal education seminars for agents and attorneys with the IRS. He also has taught numerous IRS tax courses throughout his career. He incorporates real-life examples and historical perspective to interpret tax concepts.

Prior to his retirement, Scott was the Trust Technical Advisor with the IRS for the last nine years. He has extensive experience with the interrelationships between trusts and related returns. He has been recognized as a trust expert in several district courts for both domestic and foreign trusts. He has been confirmed as a trust expert in two U.S. appeals court’s decisions. His background also includes working with Department of Justice and U.S. Attorney Offices throughout the country.

Mr. Emerson is a graduate of Miami (Ohio) University, with a degree in accountancy.

Back to Facilitators