[WEB] Income Taxation of Trusts and Estates - Planning and Compliance
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.
- Estate of decedent as a taxpayerâ€”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 incomeâ€”the concept and its application
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
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.
Early Registration Member Fee
Applicable if you are a HSCPA member in good standing and register by August 8, 2023.
Applicable if you are a HSCPA member in good standing.
Early Registration Non-Member Fee
Applicable if you are not a HSCPA and register by August 8, 2023.
Applicable if you are not a HSCPA member.