Certified Public Accountants
Fiduciary Income Tax Returns - Form 1041 Workshop With Filled-In Forms
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Online Registration Form

Date: September 23, 2019
Location: Mahoney State Park, Ashland
Course Time: 8:30 AM to 4:30 PM
Registration Begins: 8:00 AM
This course is designed for participants to understand the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms.
* Be aware of fiduciary accounting principles * Calculate Distributable Net Income and the income distribution deduction * Prepare Form 1041 and Schedule K-1
* Classifying receipts between "income" and "corpus" under the Uniform Principal and Income Act * Calculation of DNI utilizing three different methods, a "forms" method (Schedule B), a "code" method, and a "shortcut" method, utilizing a worksheet of common income and expenses * Proper W-2 preparation and procedures in the year of death * Taxpayer passes before taking a required minimum distribution; what must be done? * Forgetful fiduciaries of simple trusts * Fluctuating trusts - Simple one year, complex the next * Dividing income in the year of death * Overview of Subchapter J * Form preparation issues - Filing requirements and line-by-line explanations of Form 1041 * Taxable income of estates and trusts and expense allocation issues * Specific deductions and miscellaneous itemized deductions * Income in respect of a decedent * The income distribution deduction calculation * Relation of principal and income law to DNI * Understanding how to handle capital gains and losses * Allocating tax items to beneficiaries: another K-1 * Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation * Comprehensive trust and estate case studies, with filled-in forms
Who Should Attend
CPAs whose practice includes the preparation of fiduciary income tax returns

Course Level Intermediate
Prerequisites Experience with the preparation of trust and estate income tax returns
Course ID1041
Discussion LeaderAvi Perl, Surgent
CPE Credit8
Additional Information: Parking and lunch are provided on-site.
Fee: $265 - Society Member
$315 - Society Nonmember
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