Preparing Form 1041-Getting It Right

Description

Properly filing income tax returns for trusts and estates involves a complete understanding of Form 1041 and the underlying law that governs the reporting of the trust or estate's activities. This program is meant to introduce accountants who are comfortable with income taxation of individuals to the issues that arise when performing tax compliance engagements for trusts and estates. The course book, following Form It Right (PF41)
8- Hour Program


WHY ATTEND THIS COURSE?
Properly filing income tax returns for trusts and estates involves a complete understanding of Form 1041 and the underlying law that governs the reporting of the trust or estate's activities. This program is meant to introduce accountants who are comfortable with income taxation of individuals to the issues that arise when performing tax compliance engagements for trusts and estates. The course book, following Form 1041 and related schedules, will present a practical guide to dealing with engagements to prepare trust and estate income tax returns, as well as serve as the core knowledge for CPAs looking to then move on to planning in the trust and estate income tax arena.

Highlights

• Preparing Form 1041 Page 1 to report income and deductions,
• Identifying deductible and nondeductible expenses after the denial of all 2% miscellaneous itemized deductions by the Tax Cuts and Jobs Act
• Computing the income distribution deduction on Schedule B
• Computing the allowable charitable contribution deduction on Schedule A
• Computing the fiduciary income tax on Schedule G
• Computing the trust/estate's net investment income tax on Form 8960,
• Preparing K1s
• State specific uniform principal and income act
• Other trust issues

Objectives

Participants will be able to:

• Understand the importance of the governing documents in preparing the tax return
• Know the classifications the tax law assigns to various types of trust, and how to recognize the proper type for Form 1041,
• Compute distributable net income (DNI) and know why it matters
• Understand how the net investment income tax affects trusts and estates and how to report it
• Determine the amounts to report on beneficiaries' K1s
• Computing accounting income for a trust or estate and understand what impact it has the Form 1041

Designed For

Accounting and financial professionals who prepare Form 1041. May also be suitable for accountants in public practice or income tax function of trust companies.