Trust Tax Return Preparation FLEXCAST

Overview

Unlike most tax returns we are engaged to prepare, trust returns rely on a knowledge of state law and a thorough familiarity with the client’s specific trust agreement. Although not a specialist, you may be asked to assist a client’s family with the return for their estate or trust. In this course we will go over the basic information and distinguish between the state law concept of trust accounting income and the tax concept of distributable net income.

Highlights

“Income” for Distribution Purposes. Simple Trusts. Deductions. Interest and Dividends. Rental Income. Partnerships and other Pass-throughs.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Analyze whether the trust is Simple or Complex. Recognize the conflicts between the income beneficiary, the ultimate beneficiary and the fiduciary/trustee. Determine the all-important Distribution Deduction. Understand the allowable income tax deductions and their limitations.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.