Form 1041 – The Fiduciary Return
EVENT DATE:
PRESENTER(s): Monica Haven
This program has been approved IRS CPE Credit 2(Taxes)
Download Attendee Material
Conference Material (Password Required)The preparation of The US Income Tax Return for Estates & Trusts (Form 1041) is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives and beneficiaries. Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but are soon overwhelmed by the intricacies of Subchapter J of the Internal Revenue Code.
This class will examine the basics of estates and trusts, provide an understanding of distributable net income (DNI) and income-in-respect of decedent (IRD), and offer a practical guide to completing the fiduciary income tax return. 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:
- Understand the timeline and tax filing requirements faced by a decedent’s personal representative.
- Identify reportable items of income and deductible expenses.
- Distinguish between accounting, distributable and taxable income.
- Diligently and properly complete Form 1041.
- Glean information from and work with related individual and estate tax forms.
Credits and Other information:
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group Internet Based
- IRS Credits: 2 Tax Hours
- IRS Course ID: PJGWS-T-00011-20-O
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
