Trust Tax Return Preparation FLEXCAST

Overview

This course is specifically tailored to address the complexities of preparing trust tax returns, a task that requires a nuanced understanding of both state law and individual trust agreements. Participants will benefit from an in-depth analysis of different types of trusts, gaining the ability to distinguish between simple and complex trusts effectively. This knowledge is fundamental in ensuring accurate tax filing for trusts. The course also focuses on the often-overlooked conflicts between income beneficiaries, ultimate beneficiaries, fiduciaries, and trustees, providing strategies to manage these relationships effectively and ethically. Understanding the distribution deduction is another key feature of this course, crucial for optimizing tax outcomes for trusts. Additionally, the course offers comprehensive insights into allowable income tax deductions for trusts and their limitations, an area often challenging for those unfamiliar with trust taxation. By the end of the course, participants will not only have enhanced their knowledge and skills in trust return preparation but also gained the confidence to provide valuable assistance to clients managing estate or trust returns, ensuring both accuracy and compliance.

Highlights

“Income” for distribution purposes. Simple trusts. Deductions. Interest and dividends. Rental income. Partnerships and other pass-throughs.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Analyze whether the trust is simple or complex. Recognize the conflicts between the income beneficiary, the ultimate beneficiary, the fiduciary, and the trustee. Determine the all-important Distribution Deduction. Understand the allowable income tax deductions and their limitations.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.