× Course by Subject Webinars Self-Study eBooks Certificates Compliance Manager Subscriptions Firm CPE Blog CCHCPELink.com

Form 1041: Tax Compliance, Review and Planning - Intermediate (Completed)

Date: Tuesday, January 21, 2025
Instructor: Michael Miranda
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

This webinar will walk you through the preparation of a current year Form 1041 return, that includes income, expense, distributable net income (DNI), tax computations, and the various return questions that are unique to trusts and estates. With the elimination of the 2% itemized deduction (under the Tax Cut Jobs Acts), the IRS and Treasury developed a new taxation regime to handle any excess deductions upon the termination of a Trust or Estate. We will explore these changes, how it is handled by the Trust and how it is ultimately handled by the beneficiaries. We will explore the trust features of a Charitable Remainder trust and why a client might utilize such a planning vehicle in their estate plan. The presentation will include a discussion of the Grantor Trusts and highlight the unique tax law provisions associated with this type of Trust. We will close the session with a discussion of several post-mortem planning opportunities and a case study that utilizes an Intentionally Defective Grantor Trust (IDIT) to transfer assets to a client’s heirs.

Who Should Attend
All tax professionals who desire a better understanding of the fiduciary tax including the Form 1041 return reporting and be able to understand the flow of income from a trust to a beneficiary.

Topics Covered

  • 2023 Form 1041 and its various schedules
  • 2023 Form 1041 … Schedule K-1
  • Treatment of excess deduction on the Form 1041 Schedule K-1
  • Overview of a Charitable Remainder Annuity Trusts, a Charitable Remainder Unitrust, and a Charitable Lead Trust
  • Grantor Trust tax law provisions
  • IRC §645 Election and Qualified Revocable Trust planning
  • Fiscal year tax period available to an estate but not a trust
  • Intentionally Defective Grantor Trust case study

Learning Objectives

  • Understand how to compute income, deductions and credits for a Trust or an Estate (continuation of the Beginners Session)
  • How to handle the excess deduction upon the termination of a Trust or an Estate
  • Understand the forms, filing dates, and requirements for a decedent’s Estate
  • Understand the unique aspects of a Grantor Trust
  • Prepare a current year’s Form 1041
  • Understand the unique traits associated with Charitable Remainder Trusts
  • Utilize several post-mortem planning techniques associated with Trusts and Estates
  • Understand a wealth transfer technique using a “special purpose” Trust

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Completion of Form 1041 – Tax Compliance, Review and Planning – Beginners

Advance Preparation
None

">
 Chat — Books Support