[WEB] Income Taxation of Trusts and Estates - Planning and Compliance

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 preparation of the Form 1041.

Highlights

• Estate of 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
• 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

Objectives

Participants will be able to:

• 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

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.