CPE Course Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms

December 14, 2017

8:30am — 4:15pm

Location Manchester

Member Price $279.00
Non-member Price $379.00

Curriculum Taxation

Field of Interest Taxation (General)

Level Intermediate

Designed For

CPAs whose practice includes the preparation of fiduciary income tax returns

8.00 credits

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This course is designed for participants to understand the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms.

Learning Objectives:
• Be aware of fiduciary accounting principles
• Calculate Distributable Net Income and the income distribution deduction
• Prepare Form 1041 and Schedule K-1


Major Topics:
• Classifying receipts between “Income” and “Corpus” under the Uniform Principle and Income Act
• Forgetful fiduciaries of Simple Trusts
• Fluctuating trusts – Simple one year, complex the next
• Calculation of DNI utilizing three different methods, a “Forms” method (Schedule B), a “Code” method, and a “Shortcut” method, utilizing a worksheet of common income and expenses
• Dividing income in the year of death
• Overview of Subchapter J
• Form preparation issues – Filing requirements and line-by-line explanations of Form 1041
• Taxable income of estates and trusts and expense allocation issues
• Specific deductions and miscellaneous itemized deductions
• Income in respect of a decedent
• The income distribution deduction calculation
• Relation of principal and income law to DNI
• Understanding how to handle capital gains and losses
• Tax-planning concerns and special issues
• Allocating tax items to beneficiaries: another K-1
• Reporting in light of the net investment income tax
• Comprehensive DNI calculation case study
• Comprehensive trust case study, with filled-in forms
• Overview of estate case study, with filled-in forms


Martin J. Satinsky, CPA, J.D., LL.

Martin J. Satinsky has been providing tax and financial planning services to individuals and businesses for over 40 years. He has co-authored seven books on income and estate taxes and personal financial planning, including the popular “Tools and Techniques of Financial Planning.” He has conducted numerous seminars on tax, estate planning, and financial planning topics, including many presentations on life insurance issues. Mr. Satinsky has worked with regional and international accounting firms, including seven years as a tax partner with Coopers & Lybrand. He was a partner in the accounting firm of Smart and Associates, LLP, specializing in tax consulting for high net worth individuals and closely-held businesses. As director of professional development, he was also responsible for the firm’s training and continuing professional education (CPE) program through Smart University. He was also a founding shareholder of Second Opinion Financial Services, Inc. (SOFS), a company with a focus on educating professionals on the use and mechanics of life insurance. In 2006 Mr. Satinsky was honored by the National Association of Estate Planners and Councils (NAEPC) as a Distinguished Estate Planner. Mr. Satinsky is a graduate of the Pennsylvania State University and the Law School of the University of Pennsylvania. He received his Master of Law degree in Taxation from Temple University Law School.close


Experience with the preparation of income tax returns


Surgent McCoy CPE, LLC

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