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Tuesday, November 3, 2020 Webcast

Fiduciary Income Tax Returns – Form 1041 Workshop with Filled-in Forms (E2011071)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

webcast

Webcast

8.0 CPE Credits in TX

OVERVIEW

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.

This course features a live instructor and has been specifically designed for the NJCPA.

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
  • 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 return.

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for CFP credit.
  • This seminar qualifies for IRS credit.

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Robert Gilwee

Robert M. Gilwee, CPA, MS

Surgent Professional Education

Robert Gilwee, CPA Robert M. Gilwee, Jr. is a partner in the accounting firm Grandizio, Wilkins, Little, & Matthews, LLP in Sparks, Maryland. He has more than 30 years of practice experience in taxation. His background includes assistance in resolving tax-structuring issues using LLCs, S corporations, and other entities. He is a frequent discussion leader on a variety of taxation topics. He received the Top Manuscript Award from Coopers & Lybrand. In 2015, 2016, and 2018, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.

PRICING

$389.00 - Non Member

$289.00 - Member

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

Remind me to register

Print a registration form

COURSE DEVELOPER

Surgent

Qualifies For

  • CFP