Form 1040 is used to report the income of an individual taxpayer, while Form 1041 is used for the decedent's estate or a trust. To have an understanding what compliance must be met and who is responsible for complying the Internal Revenue Code. This course is the precursor of Taxation of Estates and Trusts
Learning Objectives:
- Filing Requirements
- What is included in the final 1040
- What must be done upon the passing of a taxpayer
- What are IRDs
- What is the DSUE
- What is Schedule K-1 in Form 1041?
- Deductions for Estates and Trusts
- Analyze Schedule C to determine business income, deductions, and self-employment tax implications
- Interpret Form 7203 to determine shareholder stock and debt basis for S corporations
- Apply Form 7217 for capital construction funds and deferred tax liability reporting
- Calculate self-employment tax and apply deductions related to business expenses
- Implement preparer best practices to avoid common IRS audit triggers
Session Highlights:
- Is forms 56 and 1310 and why are they important
- What income is included in the final 1040 versus the estate
- How to allocate investment income between the decedent and the estate and why
- What deductions are allowed
- What is an estate and are they different than a trust?
- Planning Techniques
- Deductions for Estates and Trusts
- Do all trusts and estates have to file Form 1041?
- How does Form 1041 differ from Form 1040?
- Common deductions for estates and trusts
- How to calculate the income distribution deduction for Form 1041
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Finance professionals
- Financial planners
- Accounting Personnel
- Other professionals involved in tax preparation or planning for small businesses
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
www.nasbaregistry.org.
Speaker Profile:
Jeffrey A. Schneider, EA, CTRS, NTPI Fellow, ACT-E is the principal in SFS Tax & Accounting Services and The Tax Relief Company in Stuart, FL. He has been in the field of taxation since 1979 and became an Enrolled Agent in 2005 and became a Certified Tax Resolution Specialist designation by the American Society of Tax Problem Solvers. He received certifications in college planning and is Certified Divorce Financial Analysts. He also earned the Advanced Crypto Tax-Expert (ACT-E) designation from the Crypto Tax Academy.
Jeffrey has been in the field of taxation for about 40 years working for multi-national companies and has been in private practice full time since 1999. He’s been a member of National Association of Enrolled Agents (NAEA), the Florida Society of Enrolled Agents (FSEA), and The American Society of Tax Problem Solvers (ASTPS). He is a past president of the Florida Society of Enrolled Agents and is a former 2 term President of both, the Treasure Coast and Palm Beach Chapters of the FSEA. He was a two-term member of NAEA’s National Board of Directors.
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-T-00076-23-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
We are approved to provide CPE/CE credits to Tax Professionals
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