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Wednesday, September 16, 2015 Live

Fiduciary Income Tax Returns - Workshop with Filled-in Forms (E1509041)

8:30 AM - 4:30 PM EDT

Registration: 8:00 AM EDT

The Mansion on Main Street

3000 Main Street
Voorhees , NJ 08043

8 CPE Credits in TX

OVERVIEW

This course is designed as a comprehensive guide to 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.

DESIGNED FOR

CPAs whose practice includes the preparation of fiduciary income tax returns.

BENEFITS

  • 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
  • Other considerations: excess deductions on termination
  • Effects of the CARES and Tax Relief Acts on trusts: §461(l) Excess Business Loss Limitation, NOL, §163(j) modifications, new employer credits
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
  • Comprehensive trust and estate case studies, with filled-in forms

COURSE LEVEL

Intermediate

PREREQUISITES

Experience with the preparation of income tax returns

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • Qualifies for CFP credit.
  • Qualifies for IRS credit.

INSTRUCTOR

Charles Borek

Charles A. Borek, CPA, J.D., M.B.A.

Surgent Professional Education

Charles A. (“Chuck”) Borek, CPA, J.D., M.B.A., Chuck Borek is the founder of the Borek Group, LLC, a professional education and consulting firm located in Columbia, Maryland, where he serves as CEO and chief counsel. In addition to his professional education and consulting activities, he continues to practice tax and business law as Of Counsel to the law firm of Davis, Agnor, Rapaport, & Skalny, LLC and regularly appears before the IRS and in U.S. Tax Court. He is an attorney, CPA, author, and frequent lecturer on a variety of topics associated with law, accounting, and taxation. Borek served as editor-in-chief of law review and was awarded the 1993 Law Faculty Award for outstanding scholarship, leadership, and service at the University of Baltimore. After practicing law for several years in Baltimore, he was appointed associate professor of accounting and business law at Prince George’s Community College and later served as a visiting assistant professor of law at the University of Baltimore School of Law and, following the conclusion of his visitorship, he practiced public accounting as a principal in a Washington D.C.-area CPA firm for five years. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. He currently holds an appointment as adjunct professor of law at American University’s Washington College of Law. Borek received his joint law degree and MBA summa cum laude from the University of Baltimore School of Law and Merrick School of Business.

PRICING

$399.00 - Nonmember

$299.00 - Member

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

Surgent

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