[WEB] Fiduciary Tax Workshop

Description

LINK AND INSTRUCTIONS TO COME FROM AES TAX ONE DAY PRIOR TO SESSION

This course will enable participants to understand the principles of subchapter J and their relation to the Fiduciary Income tax Return (Form 1041). Upon completion, participants will be able to prepare a Form 1041, understand Schedule B, and fell confident that the return has been prepared correctly.

Objectives

After completing this course the participant will be able to:

• Describe filing requirements, estimated tax payments, adoption of taxable years, and extension requests for Form 1041.
• Evaluate the §663(b) election and which expenses are subject to 2% AGI.
• Calculate taxable income and tax liability for a simple trust, a complex trust, and an estate, including fiduciary accounting income and DNI.
• Explain the difference between direct and indirect expenses and determine what expenses are chargeable to income and what expenses are chargeable to principal.
• Apply the 3.8% Medicare tax on net investment income to an estate or trust.
• Describe the difference between Tier 1 and Tier 2 beneficiaries.
• Determine the tax effect of distributions of property, including the §643(e)(3) election.
• Recognize common items that are income in respect of a decedent.
• Describe the basic requirements for a distribution of cash or property to qualify as a gift or bequest.
• Calculate the deduction under §199A for qualified business income.
• Discuss the tax effect of the sale of the decedent's principal residence.
• Prepare a Form 1041 for a simple trust, a complex trusts, and a decedents' estate.