Fiduciary Taxation Part 1: Introduction to Form 1041 25-26

Overview

Form 1041 is considered a complicated return by many practitioners, and the complexities have increased with legislation enacted in 2012 and 2017. This stems from the fact that there is terminology specific only to fiduciary entities, special accounting rules that fall somewhere between book and tax, and odd calculations such as ?distributable net income? and ?deductible DNI.? In this series of webcasts and through a series of schematics and spreadsheets, some of the mystery will be removed from the workings of fiduciary taxation and be replaced with an understanding of the structure and consistency that underlies this interesting little entity that has been around since the Crusades and has a long history of use and effectiveness. Be sure to register for all courses in this series: Fiduciary Taxation Part 1: Introduction to Form 1041 Fiduciary Taxation Part 2: Fiduciary Accounting & Simple Trusts Fiduciary Taxation Part 3: Complex Trusts & Charitable Deduction Fiduciary Taxation Part 4: Miscellaneous Topics & AMT

Highlights

Introduction to the Fiduciary Entity and Basic Fiduciary Entity Flowchart
Authorities & Disciplines in Fiduciary Accounting & Taxation
Fiduciary Tax Rates and Brackets
Introduction to Subchapter J
5 Basic Rules & Concept of Fiduciary Taxation and Steps to Calculating the Income Taxation of Trusts & Estates
Use of a Tax Spreadsheet

Prerequisites

None

Designed For

Tax practitioners, accountants and financial professionals.

Objectives

Recognize and Review Typical Fiduciary Entities
Determine an Approach to find the Fiduciary Accounting & Taxation of an Entity
Identify and Understand the Differences between Fiduciary Accounting and Taxation

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CalCPA (calcpa@calcpa.org). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.