Form 1041- A Roadmap To Preparing The Fiduciary Return

EVENT DATE:

Oct 25,2022

PRESENTER(s): Monica Haven

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

This program has been approved NASBA & IRS CPE Credit 2(Taxes)

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Conference Material (Password Required)

Tax compliance issues for fiduciary entities are sometimes confusing to practitioners due to the fact that many lack experience in this area. 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. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.

The practitioner will have a better understanding of entities and the basics of Subchapter J of the Internal Revenue Code.  Understanding these areas will allow the practitioner to start their understanding of tax compliance in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).

Participants will understand: 

  • Prepare the U.S. Income Tax Return for Estates and Trusts (Form 1041)
  • Understand the fiduciary’s tax filing requirements.
  • Identify reportable items of income and deductible expenses.
  • Schedule K-1 for beneficiaries
  • Understand the timeline and tax filing requirements faced by a decedent’s personal representative.
  • Distinguish between accounting, distributable and taxable income.
  • Recognize the overlap & interplay amongst differing tax regimes.
  • Understanding key elections to be considered when preparing Form 1041.
  • Glean information from and work with related individual and estate tax forms.
  • Deciding if or when capital gains may or may not be distributed to beneficiaries – and how to report that
  • Qualified Business Income Deduction
  • Recall QSST and EBST elections

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-00051-22-S
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA's
  • Tax Attorneys
  • Accountants
  • Tax Compliance Managers
  • Other Tax Professionals
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Speaker Profile:
Monica Haven, E.A., J.D. has a Masters in Taxation (LL.M.) and is a graduate fellow and former faculty member of the National Tax Practice Institute®. In practice for more than 30 years as an Enrolled Agent, an Accredited Tax Advisor® and an Accredited Tax Preparer®, Monica is a sought-after guest lecturer on college campuses and at community organizations. Monica has been a long-term and active member of numerous professional organizations, including the National Association of Enrolled Agents, the National Society of Accountants, the National Association of Tax Practitioners, the National Society of Tax Practitioners, the California Society of Enrolled Agents, the California Society of CPAs, and the California Society of Accounting and Tax Professionals, as well as the Los Angeles County Bar Association, the Young Tax Lawyers Committee, and the Tax Law Society. Monica welcomes every opportunity to share her experience and expertise in the classroom even as she maintains her Southern California tax practice which serves national and international clients. Her students have said, she’s a “fantastic speaker” who can take “hard subjects and put them into concepts or analogies that are easy to understand.” For additional information, published articles and extensive, useful tax information.

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