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 online CPE webinar 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 webinar 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.
This online CPE webinar
covers following key topics:
- 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
Recommended For
- This CE tax webinar qualifies for CPAs, CPA/PFS, Trust and Estate Practitioners (TEPs), Tax professionals including Enrolled Agents (EAs) and Financial Planners who advise charitable nonprofit organizations
Who Should Attend?
- California Registered Tax Professional
- Certified Financial Planner
- Chief Accounting Officer
- CPA (Industry)
- CPA - Small Firm
- CPA in Business
- Enrolled Agent
- Entrepreneurial CPA
- Maryland Tax Preparers
- Oregon Tax Preparers
- Tax Accountant (Industry)
- Tax Director (Industry)
- Tax Firm
- Tax Managers
- Tax Practitioners
- Tax Preparer
- Tax Pros
- Young CPA
