Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Planners are using trusts for their clients more now than ever before. Issues of asset protection from financial and matrimonial creditors as well as concerns about immaturity of heirs has spiked a growth of trust preparation. 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.
This course will go through what should be considered in understanding how trusts and estates are taxed, look at a line-by-line explanation of Form 1041, and work through several problems illustrating how Form 1041 should be completed in various situations for different taxpayers.
Publication Date: May 2023
Designed For
CPAs, CFPs, enrolled agents, estate planners, tax attorneys, and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Topics Covered
- Estates: Basic Concepts and Issues
- Trusts: Basic Concepts and Issues
- Tax years
- Election to Treat a Qualified Revocable Trust as Part of the Decedent's Estate
- Specific Items of Deduction
- Distributions; Special Issues and Situations
Learning Objectives
- Recognize how to help clients make the right choices in estate and trust planning
- Identify the concepts of fiduciary income taxation
- Describe the various trust options available in tax and estate planning
- Recognize how to address what makes up every line of Form 1041
- Identify how to correctly prepare Form 1041
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Steven G. Siegel
Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.
Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.