Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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
Over the coming months you will be preparing many Form 1041 returns and even the experienced practitioners will benefit from a review while newer professionals will want to establish a good foundation of fiduciary tax principles. Over the years clients have learned the importance of using a trust to meet their financial, tax and estate planning goals. Trusts often function in a variety of ways to meet these planning goals. Join us as we get you up to speed on all the vital fiduciary income tax issues. The course will cover both the Form 1041 and theory and tax law behind these concepts.
Publication Date: January 2025
Designed For
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
- Types of Trusts for income tax purposes including – simple, complex, grantor, charitable and fiscal year elections
- Taxable income and fiduciary accounting income
- Distributable net income (DNI)
- IRC §663(b) … 65-Day rule
- The “Tier” Rules for DNI
- The Separate Share Rule for DNI
- 2023 Form 1041 return - Estate of Evergood - Example
- Passive activity rules for trusts and estates
- Net Investment Income Tax (NIIT) and the tricks and traps
- Postmortem planning - Use of an Estate's Fiscal Year End
Learning Objectives
- Identify the types of trusts for income tax purposes
- Identify the types of trusts for special tax or estate planning purposes
- Identify the difference between taxable income and fiduciary accounting income
- Identify the role of “Distributable Net Income” (DNI) for income tax purposes
- Identify the impact of the Separate Share Rule for DNI
- Identify the tax planning implications of the IRC §663(b) … 65-Day rule
- Identify how to report the tax related items of a grantor trust
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Michael Miranda
Michael R. Miranda, CPA, NQPA, AEP® is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, South Dakota. With more than 50 years of experience in taxation, estate planning, retirement plans, and consulting, he advises individuals, businesses, and professional advisors on complex tax and wealth transfer issues.
A nationally recognized speaker, Michael presents professional education programs throughout the United States on federal taxation, estate and gift planning, retirement plans, fiduciary taxation, and emerging tax developments. His practical and engaging teaching style has made him a favorite among CPAs, attorneys, financial advisors, and other tax professionals.
Michael serves on the Boards of Directors of National Advisors Trust Company of Kansas and National Advisors Trust Company of South Dakota and holds the CPA, NQPA, and AEP® professional designations.