Fundamentals of Fiduciary Taxation Form 1041 and Issues

Tax compliance issues for fiduciary entities are sometimes confusing to practitioners due to the fact that many lack experience in this area. The preparation of The US Income Tax Return for Estates & Trusts (Form 1041) is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives and beneficiaries. This lecture includes Form 1041 Income Tax updates, the new proposed regulations under §67(e); new cases of interest; current planning with IRAs and the SECURE Act; and planning in rising interest rates.

Topics Covered:

Updated information on Form 1041 and the distribution deduction
Tax and financial planning for estates and trusts
Discussion of how to minimize the high tax brackets
Effective use of tax elections and allocations
New final regulations under §67(e)
Final regulations for termination
Distributable net income (DNI) and distributions
Current planning opportunities; income tax traps
Business entities and passive activities
How to avoid tax traps
Business accounting and tax provisions for S corporations and partnerships
 

Credits and Other information:

Recommended CPE credit – 2.0
Recommended field of study – Taxes
Session Prerequisites and preparation: None
Session learning level: Basic
Location: Virtual/Online
Delivery method: Group Internet Based
Attendance Requirement:  Yes
Session Duration: 2 Hours
Case Studies and Live Q&A session with speaker
PowerPoint presentation for reference

Who Should Attend:

CPA
Enrolled Agents (EAs)
Tax Professionals
Attorneys
Other Tax Preparers
Finance professionals
Financial planners