The preparation of The US Income Tax Return for Estates & Trusts (Form 1041) is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives and beneficiaries. Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but are soon overwhelmed by the intricacies of Subchapter J of the Internal Revenue Code.
This class will examine the basics of estates and trusts, provide an understanding of distributable net income (DNI) and income-in-respect of decedent (IRD), and offer a practical guide to completing the fiduciary income tax return.
Learning Objectives:
Upon completion of this course, you will be able to:
- How to prepare a Form 1041
- Understanding of distributable net income (DNI)
- Understanding of income in respect of a decedent (IRD)
- Line-by-line instruction
- Understand the timeline and tax filing requirements faced by a decedent’s personal representative.
- Identify reportable items of income and deductible expenses.
- Distinguish between accounting, distributable and taxable income.
- Diligently and properly complete Form 1041.
- Glean information from and work with related individual and estate tax forms.
Who Will Benefit:
- CPA's
- Tax Attorneys
- Accountants
- Tax Compliance Managers
- Other Tax Professionals
Credits and Other information:
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group Internet Based
- IRS Credits: 2 Tax Hours
- IRS Course ID: PJGWS-T-00011-20-O
We are approved to provide CPE/CE credits to Tax Professionals
We reports the educational credits to the respective licensing/regulatory bodies in 5 business days.
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