Foundations of Preparing Form 1041 Trust & Estate Income Tax Return
EVENT DATE:
Nov 09,2022
PRESENTER(s): Klaralee R. Charlton
1:00 PM ET | 12:00 PM CT | 10:00 AM PT |
240 Minutes
This program has been approved NASBA & IRS CPE Credit 4(Taxes)
Download Attendee Material
Conference Material (Password Required)Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.
Learning Objective:
- Understand when to file Form 1041 and the types of entities that use Form 1041.
- Advise clients on the available elections for Form 1041 to enable a trust or estate to achieve tax saving goals.
- Analyze income and deductions and how to allocate each to the appropriate taxpayer and tax period.
- Describe the importance of properly allocating income between the entity and the beneficiaries.
Session Highlights:
- Prepare the U.S. Income Tax Return for Estates and Trusts (Form 1041)
- Explain when Form 1041 is required to be filed and for what types of entities.
- Learn how to best allocate income and deductions between the entity and beneficiaries to achieve optimal tax outcomes.
- Analyze the available elections for trusts and estates and choose the best options for ease of administration and tax savings.
- Determine which beneficiaries are eligible to receive distributable net income and how to report income and excess deductions to beneficiaries.
- Identify permissible charitable deductions and how clients can better plan to achieve optimal income tax results.
- Prepare a typical Form 1041 illustrating the receipt of income such as interest, dividends, and IRA distributions, the sale of real estate and distributions to beneficiaries.
- Line-by-line instruction (Income, Deductions, and Payments)
- Recall QSST and EBST elections
- Live Q&A session will be held after the event.
Credits and Other information:
- Recommended CPE credit – 4.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS-T-00056-22-O
- Attendance Requirement: Yes
- Session Duration: 4 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
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:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
