Forms 1041: Basic Trust and Estate Income Tax Preparation FLEXCAST
Available Until
Your Desk
4.0 Credits
Member Price $196.00
Non-Member Price $225.00
Overview
Tax professionals may find themselves perplexed by the intricacies of trust and estate taxation, struggling to differentiate between 1040 and 1041 rules, and uncertain about the roles of fiduciaries and preparers. This lack of clarity can lead to less effective client service. However, after participating in Claudia Hill’s workshop, attendees will experience a significant shift in their understanding and skill set. They will transition from uncertainty to confidence, equipped with comprehensive knowledge about reading trust documents, understanding the nuances of beneficiary income inclusion, and handling various trust and estate taxation issues. The bridge to this transformation is the detailed, expert-led instruction offered in the workshop. Participants will not only learn about the technical aspects of trust taxation but also how to apply these concepts in practical scenarios, significantly enhancing their value to clients and elevating their professional expertise.
Highlights
1041 specifics. Role of the fiduciary. Role of the tax preparer. Allocation of deductions. TCJA issues. Tax exempt income.
Prerequisites
None.
Designed For
CPAs, accounting staff, enrolled agents and tax practitioners.
Objectives
Form 1041 specifics. Observation on the Form 1041 header. Role of fiduciary. Role of the preparer. Inclusion of amounts in beneficiaries’ income. Reading the document. The importance of the trust instrument. Capital gains rates of trusts. Fiduciary accounting income. Common issues when preparing trust returns. Distributions from an estate or trust under the “65-day rule”. Election to include revocable trust in estate. When and where to file. Grantor trust exercise. Practitioner’s toolbox.
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.
Leader(s):
Leader Bios
Claudia Hill, Western CPE
Claudia Hill, EA, MBA, is a nationally recognized tax professional and a frequent lecturer on taxation of individuals and representation before the IRS. She’s the editor in chief of CCH’s Journal of Tax Practice & Procedure, coauthor of CCH Expert Treatise Library: Tax Practice and Procedure, and a frequent presenter for both live and audio CPE seminars. Named a Top Ten Nominee by Tax Analysts as 2011 Person of the Year, she coordinates a “dream team of tax controversy advisors” for the IRS Watch blog on Forbes.com.
Claudia served on the 1987 Commissioner’s Advisory Group to the National Office of the IRS. She’s the owner and principal of TaxMam, Inc. and TMI Tax Services Group, Inc. in Cupertino, California. TMI offers quality tax return preparation, tax advisory services, and controversy representation services to small businesses and individual taxpayers.
Non-Member Price $225.00
Member Price $196.00