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Fundamentals of Income Taxation of Trusts & Form 1041 Planning: What Every Advisors Needs to Know

4.4 (47)

Robert Keebler, CPA (US), CGMA, CPA/PFS, AEP

Keebler & Associates LLP

  • AF

Published: October, 2020

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00176-20-S)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0188)

2 CE credit of Estate or Investment Planning for Maryland Tax Preparers (Approval No. GEHNZ-T-00176-20-S)

2 CE credit of Estate Planning for all CFPs (CFP Board Approved : 8061) (Approval No. 290809)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00176-20-S)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Click Here to Register

Before starting this self study program, please go through the instructional document.

Overview

  • Form 1041 Foundational Concepts
    13 mins
  • Foundationals Concepts: general tax rules
    23 mins
  • Protecting the executor
    40 mins
  • Foundational concepts; consumption of DNI
    53 mins
  • Foundational concepts: trust/estate termination
    74 mins
  • Charitable reminder trusts: example
    96 mins

Course Description

With more and more trusts being used today and audits of Form 1041 (U.S. Income Tax Return for Estates and Trusts) on the rise, it has never been more critical to understand the ins and outs of income taxation of trusts and estates and the preparation of the Fiduciary Income Tax Return. Recent shifts and changes in the taxation of estates and trusts have also changed some of the planning techniques that practitioners should consider when advising clients.

Even if you are helping clients with a modest net worth, most will set up a inter vivos or testamentary trust or at least their estate will have to file an income tax return. This course is therefore helpful because there are many unique aspects to tax accounting for trusts and estates. For example, fiduciary accounting is a unique concept and many other deductions are subject to a different set of rules compared to individuals. This course will help you learn specialized knowledge and provide your clients with greater value. 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.

Major topics Covered :

  • Grantor trusts
  • Charitable Remainder Trusts (CRTs)
  • Bracket Management
  • Shifting Income with Trust Distributions
  • Limit on Miscellaneous Itemized Deductions
  • State Income Tax Planning for Trusts
  • Form 1041 Example

Learning Objectives

  • To identify different types of trusts for income tax purposes.
  • To recall the concepts of Fiduciary accounting
  • To recall 3.8% Net Investment Income Tax & the passive activity rules
  • To identify various special deductions which are available.
  • To recall QSST and EBST elections

Who Should Attend?

  • Accountant

Testimonial

4.4

(47)
49%
45%
4%
2%
0%

JK

Lots of useful info and material.

SS

It was informative with excellent presentation but didn't pertain to my job as much as I thought it would

LD

Excellent explanation of a very complex subject

LK

Great seminar!

HG

very informative

DB

great