- Be aware of fiduciary accounting principles
- Calculate Distributable Net Income and the income distribution deduction
- Prepare Form 1041 and Schedule K-1
This course is designed as a comprehensive guide to the core concepts of
trust and estate income tax preparation. The course explains the common
terminology and complicated income tax rules of estates and trusts, fiduciary
accounting, and an introduction to or refresher on preparing Form 1041. This
practical, over 300-page manual is an excellent reference source for your
practice, which begins with quite simple cases. Building upon that base
throughout the manual, the course ends with two complicated preparation cases,
one trust and one estate, each with filled-in forms.
Prerequisites:
Experience with the preparation of income tax returns
Advanced Preparation:
None
PRICING DETAILS
Register early to take advantage
of the best price! Please note, discounted pricing is already reflected in the
online price. No promo code is needed.
Through October 12: $285 MICPA Members
/ $435 Non-Members
October 13 - October 26: $305 MICPA Members / $455
Non-Members
October 27 - November 9th: $325 MICPA Members / $475
Non-Members
- Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act
- Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses
- Proper W-2 preparation and procedures in the year of death
- Taxpayer passes before taking a required minimum distribution; what must be done?
- Forgetful fiduciaries of simple trusts
- Fluctuating trusts – Simple one year, complex the next
- Dividing income in the year of death
- Overview of Subchapter J
- Form preparation issues – Filing requirements and line-by-line explanations of Form 1041
- Taxable income of estates and trusts and expense allocation issues
- Specific deductions and miscellaneous itemized deductions
- Income in respect of a decedent
- The income distribution deduction calculation
- Relation of principal and income law to DNI
- Understanding how to handle capital gains and losses
- Allocating tax items to beneficiaries: another K-1
- Other considerations: excess deductions on termination
- Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
- Comprehensive trust and estate case studies, with filled-in forms
- Taxes
- Don Paul Cochran
Member
Non-Member