Estate & Trust Primer WEBCAST

Friday, November 20 6:00am - 10:00am PST

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4 Credits

Member Price $179.00

Non-Member Price $219.00

Overview

Protect your clients’ assets and shield their estates from increased taxation brought about by the changing tax code. This CPE course will help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The course, which has been updated for the Tax Cuts and Jobs Act (TCJA), pro-vides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

Highlights

How trusts and estates are taxed under the internal revenue code, What is a trust, a simple trust and a complex trust, How the income of a trust or estate is defined for tax purposes, What the ordinary deductions are and what credits are allowed, How the deduction for distributions to beneficiaries are determined, How trust and estate beneficiaries are taxed, What a “grantor trust” is and how it is taxed, How Form 1041 is prepared.

Prerequisites

Basic knowledge of individual income taxation

Objectives

Identify the concepts of federal income taxation of estates and trusts. Calculate the gross income of trusts and estates. Recall which deductions and credits are allowed for estates and trusts. Recall distributable net income and understand its significance.

Preparation

NONE

Notice

NONE

Leader(s):

Leaders

William Murphy

Mr. Murphy is presently a Consulting Principal in Murphy, McClary, Stover, & Burnett, LLC, which was formed July 1, 2007. The firm emphasizes providing tax and financial services to corporations and professional practices in the state of Indiana. In addition to being a Certified Public Accountant, Mr. Murphy is accredited in Business Valuation (ABV - Certificate #3064). Mr. Murphy is also a personal Financial Specialist (PFS - Certificate #30191) presented by the American Institute of Certified Public Accountants in March 2003. Mr. Murphy holds the designation of Certified Valuation Analyst (CVA) awarded by the National Association of Certified Valuation Analysts in January 1995. Mr. Murphy is a member of the Institute of Business Appraisers, Inc. and was admitted to membership on May 15, 1993. In addition to these organizations, Mr. Murphy has appeared as an expert witness in numerous cases involving marital and business disputes and has lectured extensively on valuation and tax issues for the National Business Institute, Professional Education Systems, Inc., Indiana Continuing Legal Education Forum, Indiana CPA Society, American Institute of Certified Public Accountants, National Association of Certified Valuation Analysts, as well as for other local continuing educational programs. He serves as the Chairman of the Ethics Committee for the Indiana CPA Society. Mr. Murphy is a Registered Representative with NASD Series 6 and Series 7 Registration and holds an Insurance License.

Prior to Mr. Murphy’s merger with Murphy, McClary, Stover, & Burnett, LLC, he was the owner of the firm Murphy & Company, P.C. Mr. Murphy was the former Director of Entrepreneurial and Tax services and was the majority Shareholder. Mr. Murphy was a former director with the Indiana Attorney General’s Office. He has been a lecturer on the accounting faculty at the University of Indianapolis and Marion College, which are located in Indianapolis, Indiana. Mr. Murphy has also been appointed to and currently serves on the Butler University Board of Visitors for the School of Business.

Mr. Murphy graduated from Butler University with honors in 1973. Admitted to practice as a Certified Public Accountant in the state of Indiana on December 7, 1977. Mr. Murphy has been associated with both local and national CPA firms with involvement and specialization in taxation, auditing, and small business development.

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Non-Member Price $219.00

Member Price $179.00