Fundamentals of Income Taxation of Trusts and Form 1041 Planning FLEXCAST

Overview

In this course from Robert Keebler, CPA, MST, AEP, he’ll be covering the fundamental taxation of estates and trusts in the world of Subchapter J of the Internal Revenue Code. For most people to perform good 1041s, you need to have a deep expertise on the 1040 side, understand depreciation, and have encountered a whole host of normal 1040 practices. A large portion of our population is now reaching an age where they’ll be asking for 1041’s and this class will cover what you need to know to dive into Trusts & Estates in an update for 2021 returns.

Highlights

Allocating Income 1040 vs. 1041. Administration Expenses 706 vs. 1041. Fiduciary Accounting vs. Taxable Income. Distributable Net Income. Separate Share Rule. IRC Section 691(c) Deduction. Grantor Trusts.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Foundational Concepts. Grantor Trusts. Charitable Remainder Trusts. Bracket Management. Shifting Income with Trust Distribution. Limit on Miscellaneous Itemized Deductions. State Income Tax Planning for Trusts. Form 1041 Examples.

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.