Forms 1041: Basic Trust and Estate Income Tax Preparation FLEXCAST

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.