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

7/7/2016
When: 7:00 AM - 3:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


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Acronym 1040
CPE 8 hours
Category
Tax
Level Intermediate
Vendor Surgent
Who should attend

CPAs whose practice includes the preparation of fiduciary income tax returns

Prerequisite
Experience with the preparation of income tax returns
Fees: Early Bird
Standard
Member N/A
$219
Non-Member: N/A
$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description 
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. topics include:

 

Major Topics

  • Classifying receipts between “Income” and “Corpus” under the Uniform Principle and Income Act
  • Forgetful fiduciaries of Simple Trusts 
  • Fluctuating trusts – Simple one year, complex the next
  • 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
  • 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
  • Tax-planning concerns and special issues
  • Allocating tax items to beneficiaries: another K-1 
  • Reporting in light of the net investment income tax
  • Comprehensive DNI calculation case study
  • Comprehensive trust case study, with filled-in forms
  • Overview of estate case study, with filled-in forms

Objectives

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

 

 

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