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

4.5 (76)

Robert Keebler, CPA

Keebler & Associates LLP

Thursday, March 11, 2021 | 03:00 PM EST

  • AFSP
  • CPA
  • EA
  • Tax Pros
  • PFS
  • TEP
  • CTEC

2 CPE | 2 CE | 2 CPD

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CPD credit (Verifiable) of Estate Planning for PFSs

2 CPD credit (Verifiable) for Trust and Estate Practitioners (TEPs)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

2 CE credit of Federal Tax for Oregon Tax Preparers

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

2 CE credit of Estate or Investment Planning for Maryland Tax Preparers

2 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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?

  • Enrolled Agent
  • Tax Practitioners
  • Accountant
  • CPA - Small Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Accounting Practice Owners
  • Senior Accountant
  • Accounts Director
  • Chief Accounting Officer
  • Entrepreneurial Accountant
  • Tax Managers
  • Accounting Managers
  • Tax Preparer
  • Staff of Accounting Firm

Testimonial

4.5

(76)
61%
30%
8%
1%
0%

CH

Mr. Keebler's presentation was very thorough and at the same time not overwhelming. Definitely worth the money!

FR

Robert was extremely knowledgeable and personable in presenting this course. I enjoyed the tips from experience and recommendations for other courses for a more in-depth look at some parts of the material.

RB

The instructor knows his stuff and is extremely thorough.

JW

Mr. Keebler is an excellent presenter with a wealth of knowledge. I wish he talks more in detail on the examples and less on the theory. Maybe he can teach on a more advanced class for the topic. There's too much to cover on 2 hour period, it's only scratching the surface.

GD

He was good but he tried to cover too much in a short period of time. I was hoping that he was going to focus on the mechanics of the 1041 preparation.