Form 1041 Basics
Date: Friday, June 13, 2025
Instructor: Klaralee R. Charlton
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm 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 |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Gain a foundational understanding of Form 1041: U.S. Income Tax Return for Estates and Trusts, including key concepts for accurately reporting fiduciary income. This course covers essential topics such as identifying taxable income sources, allowable deductions, and the distribution of income to beneficiaries. Participants will also explore common challenges unique to trust and estate taxation, including strategies to minimize overall tax liability. Practical techniques and compliance considerations will be discussed to help practitioners optimize tax outcomes while ensuring accurate and efficient filings.
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
- Advise clients on available filing options for Form 1041 and strategies to optimize tax savings for trusts and estates
- Analyze income and deductions to ensure proper allocation to the correct taxpayer and tax period
- Evaluate the impact of tax elections, explaining their benefits and implications for fiduciary income tax planning
- Determine the importance of accurately allocating income between the trust or estate and its beneficiaries to ensure compliance and minimize tax liability
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
