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Surgent's Successfully Completing an Income Tax Return for a Trust or Estate -- Form 1041 (FM41)
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Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts, some will die with probate estates. You should have a basic understanding of how the income tax applies uniquely to trusts and estates. The deductions for fiduciary fees, charitable deductions and certain miscellaneous deductions are treated differently than for individual taxpayers. Understanding the basic income tax & net investment income tax (NIIT) rules will add value

6/10/2016
When: Friday, June 10, 2016
11:00 AM - 1:00 PM
Where: Webnair/Webcast
United States
Contact: April Deneault
801-466-8022


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Acronym FM41
CPE 2 hours
Category
Taxes
Level Advanced
Vendor Surgent
Who should attend Any tax practitioner who wishes to understand how to assist clients with filing a federal gift tax return
Prerequisite
Intermediate understanding of federal income tax
Fees: Early Bird
Standard
Member N/A
$89
Non-Member: N/A
$109

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:
Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts during their lifetime. And some will die with probate estates. Therefore, you should have a basic understanding of how the income tax applies uniquely to trusts and estates. For example, "distributable net income" (DNI) is a trust-only concept that is essential to understand. Plus, Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts during their lifetime. And some will die with probate estates. Therefore, you should have a basic understanding of how the income tax applies uniquely to trusts and estates. For example, "distributable net income" (DNI) is a trust-only concept that is essential to understand. Plus, the deductions for fiduciary fees, charitable deductions and certain miscellaneous deductions (such as investment advisory fees, and attorney/accountant fees) are treated differently than for individual taxpayers. However, with a decent understanding of the basic income tax and net investment income tax (NIIT) rules, you can add significant value to your clients.

Major Topics:

  • Passive activity rules for trusts including the NIIT
  • The different types of trusts for income tax purposes (e.g. simple, complex, grantor, charitable)
  • The critical categorization of income (taxable income vs. fiduciary accounting income)
  • Distributable net income (DNI) and how it works
  • The “Tier” Rules
  • The Separate Share Rule
  • IRC 663(b) “65-Day” Rule
  • IRC §691(c) Deduction
  • QSST and EBST elections
  • How to treat excess deductions on termination
  • Grantor trust rules and how they impact planning and return preparation
  • The income tax side of Domestic Asset Protection Trusts

Objectives:

  • Understand how to file a basic income tax return for an estate or trust – form 1041

 

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