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 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.
Learning Objectives
- Review Typical Fiduciary Entities
- Determine an Approach to Determine Fiduciary Accounting & Taxation of an Entity
- Understand the Difference between Fiduciary Accounting & Taxation
Major Topics
- Introduction to the Fiduciary Entity
- Basic Fiduciary Entity Flowchart
- Authorities & Disciplines in Fiduciary Accounting & Taxation
- Fiduciary Tax Rates and Brackets
- The Medicare Surtax as it pertains to Fiduciary Entities
- Introduction to Subchapter J
- 5 Basic Rules & Concept of Fiduciary Taxation
- Steps to Calculating the Income Taxation of Trusts & Estates
- Fiduciary Duty and Fiduciary Accounting
- Calculating Fiduciary Accounting Income
- Creating a Tax Spreadsheet
