November 29, 2022


Webinar


8 Total CPE Credits

product-artwork-753549

Surgent's Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms

Learning Objectives

  • Be aware of fiduciary accounting principles
  • Calculate Distributable Net Income and the income distribution deduction
  • Prepare Form 1041 and Schedule K-1

Major Topics

  • 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, excess business loss limitations, 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
  • Other considerations: excess deductions on termination
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation 
  • Comprehensive trust and estate case studies, with filled-in forms

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Prerequisites

Experience with the preparation of income tax returns

Advanced Preparation

None

Intended Audience

CPAs whose practice includes the preparation of fiduciary income tax returns

Provider

Surgent McCoy CPE

This event has ended.