Advanced Trust Tax Return Preparation FLEXCAST

Overview

Managing fiduciary returns, particularly for simple trusts, often turns out to be a complex task, contrary to what the name suggests. Professionals tasked with preparing these returns face numerous challenges, from understanding the nuances of revocable trusts to effectively allocating expenses and determining distributions for income tax preparation. The intricacies of dealing with beneficiary levels, trustee fiduciary responsibilities, and the final return preparation can become overwhelming. Furthermore, making informed decisions about elections available on Form 1041, recognizing the differences between a trust and a probate estate, and understanding the separate share rule and trust situs issues require a depth of knowledge that many may not possess. This course provides an in-depth look into the complexities of preparing fiduciary returns for simple trusts. Participants will explore the various conflicts inherent in dealing with beneficiary levels and the trustee’s fiduciary responsibility. The course offers guidance on understanding and utilizing the elections available on Form 1041, differentiating between a trust and a probate estate, and determining the applicability of the separate share rule and trust situs issues. Armed with this knowledge, professionals will be equipped to navigate the complexities of fiduciary returns, ensuring accuracy and compliance in their tax preparation processes.

Highlights

Trust or will (probate estate). Revocable trust. Administrative trust. 65-day election. Fiduciary income tax return.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Review the conflicts inherent in dealing with beneficiary levels and the trustee’s fiduciary responsibility. Understand the Elections available on Form 1041 and when to use them. Recognize the differences between a trust and a probate estate. Determine whether the separate share rule applies and trust situs issues.

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.