[WEB] 1041 - Understanding the Entities and the Law

Description

Fiduciary taxation is a complex area that involves estates and trusts, each with unique legal and tax implications. This course provides a foundational understanding of how estates and trusts are structured, their tax treatment under Subchapter J of the Internal Revenue Code, and key compliance issues. Participants will explore distributable net income (DNI), income in respect of a decedent (IRD), and the tax consequences of estate and trust administration. This course focuses on the legal framework and tax principles that govern Form 1041 filings. 

Highlights

• Overview of fiduciary entities: trusts vs. estates
• Understanding Subchapter J of the IRC
• Tax treatment of estates and trusts
• Distributable Net Income (DNI) and its tax impact
• Income in Respect of a Decedent (IRD) explained
• Legal responsibilities of fiduciaries
• Key tax compliance issues in fiduciary taxation
• How estate documents influence tax filings

LINK AND INSTRUCTIONS TO COME FROM HSCPA ONE DAY PRIOR TO SESSION

Objectives

Upon completing this course, participants will be able to:

• Identify the different types of fiduciary entities and their tax implications.
• Understand the fundamentals of estate and trust taxation under Subchapter J.
• Explain the concepts of distributable new income (DNI) and income in respect of a decedent (IRD).
• Analyze key compliance issues for fiduciary income tax reporting.
• Recognize specific tax considerations for decedent's estates and trusts.
• Interpret estate documents and how they impact tax reporting.
• Assess the role of fiduciaries in tax compliance and their legal responsibilities.
• Differentiate between probate and non-probate assets for tax purposes.

Designed For

CPAs, EAs, and attorneys working with fiduciary entities.