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Trust & Estate Taxation: Practical Guidance on Form 1041 and Fiduciary Income Rules
As filing season approaches, Form 1041 will once again be a critical area of focus for tax professionals. Whether you’re an experienced practitioner looking for a comprehensive review or a newer professional building your foundation in fiduciary taxation, this program will sharpen your expertise in preparing, reviewing, and planning around fiduciary income tax returns.
Trusts remain a cornerstone in achieving clients’ tax and estate planning goals, but the reporting rules can be nuanced. This session provides both a practical walkthrough of Form 1041 and a deep dive into the underlying tax law, helping you understand not just how to prepare the return, but also why the rules matter in planning contexts.
Learning Objectives
After completing this program, participants will be able to:
Distinguish between types of trusts for income tax and estate planning purposes.
Explain the differences between fiduciary accounting income and taxable income.
Apply the rules of Distributable Net Income (DNI), including the Tier System and Separate Share Rule.
Evaluate the impact of the 65-Day Rule (IRC §663(b)) in tax planning.
Navigate compliance and planning issues on the 2024 Form 1041, including passive activity and NIIT considerations.
Report tax-related items of a grantor trust accurately and effectively.
Topics Covered
Types of trusts for income tax purposes: simple, complex, grantor, charitable, and fiscal year elections
Taxable income vs. fiduciary accounting income
Distributable Net Income (DNI) mechanics and planning strategies
IRC §663(b) 65-Day Rule: opportunities and pitfalls
Tier Rules and the Separate Share Rule for DNI
Passive activity rules for trusts and estates
Net Investment Income Tax (NIIT): key traps and strategies
Who Should Attend
CPAs
Tax Attorneys
Enrolled Agents (EAs)
Accountants
Fiduciary and estate tax professionals
Anyone seeking a stronger understanding of fiduciary taxation and Form 1041 reporting
Learning Objectives
After completing this program, participants will be able to:
Distinguish between types of trusts for income tax and estate planning purposes.
Explain the differences between fiduciary accounting income and taxable income.
Apply the rules of Distributable Net Income (DNI), including the Tier System and Separate Share Rule.
Evaluate the impact of the 65-Day Rule (IRC §663(b)) in tax planning.
Navigate compliance and planning issues on the 2024 Form 1041, including passive activity and NIIT considerations.
Report tax-related items of a grantor trust accurately and effectively.
Topics Covered
Types of trusts for income tax purposes: simple, complex, grantor, charitable, and fiscal year elections
Taxable income vs. fiduciary accounting income
Distributable Net Income (DNI) mechanics and planning strategies
IRC §663(b) 65-Day Rule: opportunities and pitfalls
Tier Rules and the Separate Share Rule for DNI
Passive activity rules for trusts and estates
Net Investment Income Tax (NIIT): key traps and strategies
Who Should Attend
CPAs
Tax Attorneys
Enrolled Agents (EAs)
Accountants
Fiduciary and estate tax professionals
Anyone seeking a stronger understanding of fiduciary taxation and Form 1041 reporting
LIVE means you can attend the class in real time on the scheduled date and time.
The link to join the class will be shared with you 30 minutes to 1 hour before the class begins.
On-Demand means you can watch the recorded class at your convenience.
The link to access the class will be shared 48 hours after the commencement date of the live class.
You can let us know your preferred date to receive the link.
Note: Once the link is shared, you can access the class for three (3) days.
Web Download allows you to download the class recording for offline viewing.
The download link will be shared with you within 48 working hours after the commencement of the class.
An e-Transcript is a written text version of the entire class session.
It is useful for note-taking, revision, and quick reference.
The e-Transcript download link will be shared within 48 working hours after the commencement of the class.
This option includes: