Taxation of Trusts and Estates and Preparing Form 1041* (Currently Unavailable)

Author: Steven G. Siegel

Get Expert Tips and Tactics for Trusts and Estates and 1041 Prep

With more and more trusts being used today and audits of Form 1041 (U.S. Income Tax Return for Estates and Trusts) on the rise, 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. Recent shifts and changes in the taxation of estates and trusts have also changed some of the planning techniques that practitioners should consider when advising clients.

Presented by noted tax and estate planner, author and educator, Steve Siegel, J.D., LL.M., this full-day CPE online webinar (8 hours CPE credit) provides a practical review of issues and considerations that arise in connection with the income taxation of trusts and estates and preparing Form 1041. Mr. Siegel will offer clear explanations and helpful tips on this important topic, so you can advise your clients with confidence. And he will draw on his many years of experience in advising a wide variety of clients to provide a helpful line-by-line review of what must be done to accurately complete Form 1041 and address problems faced in this complex area.

All tax preparers, accountants, attorneys and financial planners who advise clients on tax planning, estate planning and wealth management matters will benefit from this practice-oriented seminar. The session's program materials include a comprehensive and detailed outline prepared by Mr. Siegel that will serve you for later study and reference. And, to reinforce your understanding and get help on your most pressing issues, you will have opportunities to submit questions directly to Mr. Siegel live during the program.

Publication Date: March 2019

Designed For
This course is essential 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
• Election to Treat a Qualified Revocable Trust as Part of the Decedent's Estate
• Fiduciary Tax and Accounting Issues
• Income Reportable by Fiduciaries
• Deductions Available to Fiduciaries
• Tax Calculations, Credits, Payments and Special Rules
• Trust and Estate Distributions Special Issues and Situations
• Trusts and Estates and the Alternative Minimum Tax
• The Net Investment Income Tax and Its Application to Trusts and Estates
• Sample Problems and Forms

Learning Objectives

• Identify how to help clients make the right choices in estate and trust planning
• Recognize and apply the concepts of fiduciary income taxation
• Describe the various trust options available in estate planning
• Recognize how to prepare Form 1041 correctly
• Identify a common term for a fiduciary with respect to a bankruptcy estate
• Differentiate type of law trusts and estates exist as creations established
• Identify an overall characteristic of an estate
• Describe which IRS form is used to file the tax return for estates and trusts and the proper due date
• Recognize the automatic extension for filing of Form 1041 for a taxpayer that has appropriately filed Form 7004
• Identify how many years after a decendent's death a trust that does not otherwise qualify as an S corporation shareholder may retain the decedent's S stock
• Differentiate the types of trusts and how they apply
• Recognize the Code Sections related to grantor trusts includes the basic grantor trust rules
• Describe correct statements regarding a qualified revocable trust
• Identify the advantages of making a Section 645 election to enable a qualified revocable trust to be treated and taxed as part of the estate
• Describe characteristics of trust accounting income
• Identify the standard deduction amount for a trust or an estate
• Differentiate types of deduction that is allowed on Form 1041
• Describe correct statements with respect to charitable deductions for trusts and estates
• Identify a principal function served by the distributable net income concept
• Recognize which schedule an accumulation distributions reported by trusts
• Describe AMT
• Identify a planning consideration or a best practice with respect to trusts and estate
• Describe the accounting method for an estate
• Recognize how many different income tax rates are applicable to estates and trusts
• Identify an accounting concept that determines how much the trustee may or may not distribute to the income beneficiaries
• Describe what is generally excluded from trust accounting income
• Recognize correct statements with respect to distributable net income
• Identify the most important difference between an individual return and a fiduciary return
• Identify an example of an allowable "double deduction"
• Recognize which type of deduction should be included within the other deductions category in Form 1041
• Identify how many years a trust or estate carryback a net operating loss

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
Basic knowledge of federal wealth transfer taxes.

Advance Preparation
None