November 22, 2021 9:00am – 4:30pm Map & Directions 602-252-4144

Webcast: Income Taxation of Trust and Estates-Planning and Compliance

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

Subchapter J of the Internal Revenue Code governs income taxation of estates and trusts-an area of tax law with numerous special rules, regulations, and professional customs. Form 1041 is unlike any other income tax return a tax professional encounters. This program explains the unique tax rules and opportunities for the knowledgeable tax advisor to provide valuable tax services to fiduciaries-from special tax accounting to options for reporting trust income and expenses. The program will contain state-specific information on the state's principal and income tax (including unique features of that Act) that is used to compute "accounting income" necessary for the preparation of Form 1041.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

8:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Webcast
Taxation
8

Objectives

  • Advise fiduciaries regarding their tax duties for the income tax reporting
  • Describe the types of trusts and their income impact
  • Explain what is involved with trust accounting and dealing with the applicable state principal and income act
  • Explain the filing requirements for trusts and the preparation of Form 1041
  • Deal with unique issues for income and expenses affecting trusts and estate income taxes
  • Describe distributable net income (DNI) and how it impacts taxes

Course Level

Intermediate

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

Accountants who advise fiduciaries about tax matters and/or prepare Forms 1041.May also be suitable for accountants in public practice or income tax functions of trust companies.

Prerequisites

General tax knowledge.

Highlights

  • Estate of the decedent as a taxpayer-filing requirements and tax planning
  • Types of trusts
  • Trust accounting and available tax elections
  • Filing requirements
  • Identifying deductible and nondeductible expenses for a trust or estate following the repeal of the deduction for 2% miscellaneous deductions under the Tax Cuts and Jobs Act
  • Unique classification of some income and expenses
  • Computing accounting income under a state's principal and income act
  • Distributable net income-the concept and its application

Notes

Manager/Senior Manager; Director; Executive/VP; Sole Practitioner

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