Course

Description

All materials will be electronic only

This program examines the critical issues, rules, and special opportunities when preparing your clients Form 1041 U.S. Income Tax Return for Estates and Trusts. Learn what is considered taxable income; filing requirements and deadlines; impact of the 3.8% Medicare surtax on net investment income and the 10 principles of tax accounting for trust income.

Highlights

• 2020 and 2021 rates and brackets
• Calculating a trust's AGI
• Filing requirements, deadlines and penalties
• 3.8% 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

Objectives

Upon completion of this course you will be able to:

• Provide a working knowledge of tax rules and guidelines of estates and trusts returns
• Discuss planning and potential pitfalls

Designed For

Experienced CPAs working with estates and trusts.