Form 1041 is among the most confusing returns that tax professionals prepare. In this informative self-study webinar, based on real-life case scenarios, you will learn about:
- Best techniques for preparing Form 1041
- Gathering information from trustees and fiduciaries
- The impact of various election options
To provide preparers with a working knowledge of applicable tax laws, and the ability to prepare complete and accurate fiduciary income tax returns.
- Filing requirements for estates and trusts
- Simple and complex trusts
- Choice of annual accounting period
- Calculation of taxable income
- Capital gains
- Tax-effective distributions to beneficiaries
- Grantor trusts
- Income in respect of a decedent
- Estimated tax rules
• Recognize the filing threshold for the estate tax return
• Recognize the due date for the filing of the estate tax return
• Recognize the proper placement of a decedent’s assets on the Form 706 Schedules
• Recognize how to report the value of joint interests on a decedent’s estate tax return
• Recognize the gross estate inclusion rules of Sections 2035 through 2038
• Identify which types of expenses are properly reported as debts of the decedent on the estate tax return
• Identify an estate’s initial tax year
• Identify the available tax year for an estate
• Identify the available tax year for a trust
• Identify the filing threshold for Form 1041
• Recognize the applicability of the passive activity rules to estates and trusts
• Recognize the grace period in which an estate can use a decedent’s prior activity losses
• Recognize income in respect of a decedent
• Recognize how income in respect of a decedent is reported
• Recognize the degree to which certain income and deductions available to individuals are (or are not) available to estates and trusts
• Recognize the applicability of a deduction for investment interest expense for estates and trusts
• Recognize the percentage threshold required of a decedent’s closely held business valuation to gross estate valuation to defer estate taxes under Section 6166
• Identify the percentage of direct and indirect expenses deductible by an estate or trust when the estate or trust earns both taxable and nontaxable income
• Identify the extent to which a simple or complex trust can deduct charitable contribution
• Identify the circumstances under which estate administrative expenses can be deducted
• Identify under which circumstances double deductions are allowed on a fiduciary tax return
• Identify which expenses can only be deducted on the decedent’s final Form 1040