Form 1041 Basics (Completed)
Date: Wednesday, September 23, 2020
Instructor: Klaralee R. Charlton
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours General Principles of Financial Planning for CFP |
|
Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.
Who Should Attend
Attorneys, CPAs, and Enrolled Agents
Topics Covered
- Choice of Filing Period
- Common Types of Income
- Unique Trust and Estate Deductions
- I.R.C. § 645 & 663(b) Elections
- I.R.C. § 1014 Basis Adjustment Reporting
- Allocation of Income Between Entity and Beneficiaries
Learning Objectives
- Identify how to advise clients on the available options for filing Form 1041 for a trust or estate to achieve tax saving goals
- Recognize how to analyze income and deductions and allocate each to the appropriate taxpayer and tax period
- Evaluate the impact of making elections and explain the benefits of these elections
- Identify the importance of properly allocating income between the entity and the beneficiaries
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
