EA Exam Prep Part 2: Estates and Trusts (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the twelfth class of the EA Exam Prep Part 2 series. Estate and Trust taxes are complicated. Let TaxMama® uncomplicate them for you. Start with the basics. Get to know the various terms for trusts and estates. From there, move into the building blocks of trusts. Review the different types of trusts. Discover the difference between a simple and a complex trust, as well as many other trust related details. Discover the intricacies of estates. Once that foundation is built, delve into the area of tax preparation, with specific instructions, attention to details, explanations, and more.
Publication Date: August 2019
Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at estate and trust returns. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.
Topics Covered
- The most important thing to do before preparing an estate tax return
- When you should file Form 1041
- Beneficiaries
- Estate of a decedent
- Income required to be distributed currently
- Fiduciary
- Res
- Remainderman
- Types of trusts
- Section 645 election
- Options for grantor trusts to opt out of filing Form 1041
- Distributable net income
- Exclusions, exemptions, deductions, and credits
- Fraudulent trusts
- Income in respect of a decedent
- Estate and Trust Income
- Separately stated items
- Filing requirements
- Estate taxes and forms
- Unified credit
- Payments to beneficiaries
- Form 1041 and schedules
- Form 1041-ES
- Form 56
- Form 2848
- Bankruptcy estate
Learning Objectives
- Describe the necessary steps to prepare an estate or trust return
- Identify different trust types and nuances of each
- Describe the unified credit
- Identify deductions and credits applicable to Form 1041
- Recognize how to determine the applicable exemption for Form 1041
- Calculate distributable net income
- Recognize income in respect to a decedent (IRD)
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
