This program examines the critical issues, rules, and special opportunities when preparing your clients' Form 1041 US Income Tax Return for Estates and Trusts. Learn what is considered taxable income; filing requirements and deadlines; impact of the 3.8 percent Medicare surtax on net investment income; and the 10 principles of tax accounting for trust income.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
DESIGNED FOR
Experienced CPAs working with estates and trusts
BENEFITS
- Provide a working knowledge of tax rules and guidelines of estates and trusts returns Discuss planning and potential pitfalls
HIGHLIGHTS
- 2020-21 rates and brackets
- Calculating a trust's AGI * Filing requirements, deadlines, and penalties
- 3.8 percent Medicare surtax on net investment income (NII)
- Simple vs. complex trusts
- Grantor Trusts—Four options to report activity
- Fiduciary Accounting and the 10 Principles of tax accounting for trust income Section 643 (g) Election
- Taxable income of trusts, estate, and beneficiaries
- Deductions
- Distributions
COURSE LEVEL
Intermediate
PREREQUISITES
A basic working knowledge of Form 1041 and estates and trusts
ADVANCE PREPARATION
None
ADDITIONAL NOTES
IRS Program Number: 90EKV-T-00380-21-O. Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).