Preparation of Form 1041- The Fiduciary Return

Product Code: EST101 |IRS Course ID: PJGWS-T-00039-21-O | Reviewer Name: Daniel J. Pilla

Tax compliance issues for fiduciary entities are sometimes confusing to practitioners due to the fact that many lack experience in this area. This course provides the practitioner with a practical understanding of the issues involved in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041), including a Line-by-Line presentation of the form.

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: 

• Addressing the essential income and deduction elements to be reported on Form 1041.
  
• Understand the timeline and tax filing requirements faced by a decedent’s personal representative.
  
• Distinguish between accounting, distributable and taxable income.
  
• 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
  
• 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
• NASBA Sponsor: XXXXX (Applied)
  
• IRS Course ID: PJGWS-T-00039-21-O
• 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