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Fiduciary Income Tax Returns - Form 1041 Workshop
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| Date |
December 09, 2010
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| Location | Embassy Suites, LaVista, NE |
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| Course Time |
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8:30 a.m. to 4:30 p.m. |
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How does new law on transfer tax affect the income tax law? The purpose of this course is to explain the complicated income tax rules of estates and trusts, fiduciary accounting and how to prepare Form 1041. This practical manual is an excellent reference source for your practice.
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| Course Highlights & Objectives |
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Allocating tax items to beneficiaries: another K-1. Calculation of DNI and computation of distribution deduction on Schedule B. Comprehensive estate case study. Distributable net income (DNI) and the income distribution deduction. Dividing income in the year of death. Form preparation issues -- Filing requirements and line-by-line explanations of Form 1041. Income tax issues of estates and trusts. Merging estate and trusts for income tax purposes. Overview of Subchapter J. Pension plan issues and income in respect of a decedent. Principal and Income Act of 1997. Relation of principal and income law to DNI. Specific deductions and miscellaneous itemized deductions. Tax-planning concerns and special issues. Specific deduction and miscellaneous itemized deductions. Taxable income of estates and trusts and expense allocation issues. Understanding how to handle capital gains and losses under final regulations.
Be aware of fiduciary accounting principles. Calculate Distributable Net Income and the income distribution deduction. Prepare Form 1041 and Schedule K-1. |
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| Who Should Attend |
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| CPAs whose practice includes the preparation of fiduciary income tax returns. |
| Course Level | Intermediate |
| Prerequisites | A basic course on estates and trusts; preparation of income tax returns. |
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| Discussion Leader | Robert Barnhill, Surgent McCoy, CPE LLC |
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| Additional Information: |
Parking is available on site and lunch is provided. |
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| Fee |
$230 - Society Member
$260 - Society Nonmember |
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