Guide to 1041 Preparation of Estates and Trusts

Description

Please note: this course applies to fiscal year end 2018

This program will examine critical issues in preparing your clients Form 1041 U.S. Income Tax Return for Estates and Trusts. Learn where taxable income is determined differently from individuals; filing requirements and deadlines; reporting alternatives for grantor trusts; the calculation and allocation of DNI; and the impact of the new Section 199A 20% deduction on trusts, estates and beneficiaries.

This course qualifies for PTIN credit.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

• Similarities and differences to individual taxation
  
• Filing requirements, deadlines and penalties: Section 645 election
  
• Simple or complex trusts?
  
• Grantor trust filing options
  
• Gross income
  
• Deductions: Notice 2018-61
  
• Distributable Net Income - DNI
  
• Section 199A deduction
  

Objectives

• Provide a working knowledge of tax rules and guidelines of estates and trust 2018 returns.
  
• Discuss planning and potential pitfalls.
  

Designed For

Experienced CPAs who work with estates and trusts.