November 22, 2022


Webinar


8 Total CPE Credits

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Income Taxation of Trust and Estates--Planning and Compliance

Learning Objectives

Participants will be able to:
  • Advise fiduciaries regarding their tax duties for the income tax reporting
  • Describe the types of trusts and their income impact
  • Explain what is involved with trust accounting and dealing with the applicable state principal and income act
  • Explain the filing requirements for trusts and the preparation of Form 1041
  • Deal with unique issues for income and expenses affecting trusts and estate income taxes
  • Describe distributable net income (DNI) and how it impacts taxes

Major Topics

  • Estate of decedent as a taxpayer-filing requirements and tax planning
  • Types of trusts
  • Trust accounting and available tax elections
  • Filing requirements
  • Identifying deductible and nondeductible expenses for a trust or estate
  • Unique classification of some income and expenses
  • Computing accounting income under a state's principal and income act
  • Distributable net income-the concept and its application

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Prerequisites

General tax knowledge

Advanced Preparation

None

Intended Audience

Accountants who advise fiduciaries about tax matters and/or prepare Forms 1041. May also be suitable for accountants in public practice or income tax functions of trust companies.

Provider

California Society of CPAs

This event has ended.