Form 1041: Down to the Basics
Review the fundamentals of the fiduciary entity, fiduciary accounting and taxation. From inception to completion, practitioners analyze Form 1041 and use a spreadsheet to track the different calculations necessary for accurate preparation.
This course will also review recent tax law changes that impact Form 1041, provide tools and schematics to assist in navigating various problem situations and improve the overall comprehension of what to look for when reviewing a Form 1041 submitted by another practitioner.
- Introduction to the fiduciary entity
- Fiduciary accounting fundamentals
- Subchapter J, DNI and the Distribution Deduction
- Simple and complex trusts
- Alternative Minimum Tax (AMT) for fiduciary entities
- Form 1041 updates
- Special problem situations
- Identify the basic components of a fiduciary entity.
- Review the state and federal laws that drive a fiduciary entity.
- Recognize the relationship among the different authorities that impact accounting and tax treatments.
- Determine tax law changes that impact Form 1041 and analyze Form 1041 from inception to completion.
- Identify how to review a Form 1041 submitted by another practitioner.
Tax practitioners, accountants and financial professionals.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.