Course

Income Taxation of Trusts & Estates: Planning & Compliance - Virtual Only

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Event Details

Thursday, August 27, 2020

8:00am – 4:00pm
(Registration: 7:30am)

Location

Facility Pending

Billings

Field of Study

  • Taxes

CPE Credit

8 hours CPE credit

Course Code

ITTE-33

Instructor

Level of Knowledge

Intermediate

Vendor

Kaplan Financial Education Powered by Loscalzo

Prerequisites

General tax knowledge.

Description

After much thought, MSCPA has decided to take all our CPE Classes till the end of December 2020 to virtual, this includes all conference. The risk of COVID-19 is just too high and we would not want any of you to get sick at one of our classes. All materials will be electronic.

Subchapter J of the Internal Revenue Code governs income taxation of estates and trusts— an area of tax law with numerous special rules, regulations and professional customs. Form 1041 is unlike any other income tax return a tax professional encounters. This program explains the unique tax rules and opportunities for the knowledgeable tax advisor to provide valuable tax services to fiduciaries—from special tax accounting to options for reporting trust income and expenses.

Highlights

  • Estate of decedent as a taxpayer—filing requirements and tax planning
  • Types of trusts
  • Trust accounting and available tax elections
  • Filing requirements
  • Identifying deductible and nondeductible expenses for a trust or estate following the repeal of the deduction for 2% miscellaneous deductions under the Tax Cuts and Jobs Act
  • Unique classification of some income and expenses
  • Computing accounting income under a state’s principal and income act
  • Distributable net income—the concept and its application

Objectives

Participants will be able to:

  • Advise fiduciaries regarding their tax duties for the income tax reporting
  • Understand the types of trusts and their income impact
  • Explain what is involved with trust accounting and dealing with the applicable state principal and income act
  • Understand the filing requirements for trusts and the preparation of Form 1041
  • Deal with unique issues for income and expenses affecting trusts and estate income taxes
  • Understand distributable net income (DNI) and how it impacts taxes

Designed For

Accountants who advise fiduciaries about tax matters and/or prepare Forms 1041. May also be suitable for accountants in public practice or income tax functions of trust companies.

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