CPE Course Surgent's Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms (1041)

February 6, 2021

9:00 AM — 5:00 PM

Location Webinar

Member Price $259.00
Non-member Price $289.00

Curriculum Taxation

Field of Interest

Level Intermediate

Designed For

CPAs whose practice includes the preparation of fiduciary income tax returns

8.00 credits

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Objective

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

Highlights

  • Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act
  • 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
  • Proper W-2 preparation and procedures in the year of death
  • Taxpayer passes before taking a required minimum distribution; what must be done? 
  • Forgetful fiduciaries of simple trusts
  • Fluctuating trusts – Simple one year, complex the next
  • 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 
  • Allocating tax items to beneficiaries: another K-1
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation 
  • Comprehensive trust and estate case studies, with filled-in forms

Instructors

Prerequisites

Experience with the preparation of income tax returns

Developer

Surgent McCoy CPE, LLC

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