Foundations of Form 1041 Fiduciary Income Tax Return
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.
In this Session the practitioner will have a better understanding of entities and the basics of Subchapter J of the Internal Revenue Code and tax compliance in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).
- Choice of Filing Period
- Common Types of Income
- Unique Trust and Estate Deductions
- I.R.C. § 645 & 663(b) Elections
- I.R.C. § 1014 Basis Adjustment Reporting
- Allocation of Income Between Entity and Beneficiaries
- Advise clients on the available options for filing Form 1041 for a trust or estate to achieve tax saving goals.
- Analyze income and deductions and allocate each to the appropriate taxpayer and tax period.
- Evaluate the impact of making certain elections and explain the benefits of these elections.
- Understand the importance of properly allocating income between the entity and the beneficiaries.
- Recall QSST and EBST elections
- Live Q&A session will be held after the event.
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-00070-23-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- Enrolled Agents (EAs)
- Tax Professionals
- Other Tax Preparers
- Finance professionals
- Financial planners