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21WI-0661: Estate & Trust Primer (Webinar)

Date Friday, December 17, 2021
Time 8:00am - 12:00pm
Central Time
Location Online
CPE credits CPE 4.0
Field(s)
of study
Taxes - Technical (4.0)
Instructor William Murphy, CPA/PFS, ABV, CVA,CF
American Institute of Certified Public Accountants
Fees
Standard Member Fee $179.00
Standard Nonmember Fee $219.00
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Description

Protect your clients' assets and shield their estates from increased taxation brought about by the changing tax code. This webcast will help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The webcast provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

Who should take this program?

CPAs, enrolled agents, and financial planners with basic knowledge of federal income tax concepts, and an interest in Income Taxation of Estates and Trusts and preparing Form 1041.

Major subjects

  • How trusts and estates are taxed under the internal revenue code
  • What is a trust, a simple trust and a complex trust
  • How the income of a trust or estate is defined for tax purposes
  • What the ordinary deductions are and what credits are allowed
  • How the deduction for distributions to beneficiaries are determined
  • How trust and estate beneficiaries are taxed
  • What a "grantor trust" is and how it is taxed
  • How Form 1041 is prepared

Learning objective(s)

  • Identify the concepts of federal income taxation of estates and trusts.
  • Calculate the gross income of trusts and estates.
  • Recall which deductions and credits are allowed for estates and trusts.
  • Recall distributable net income and understand its significance.

Notes:

Course code Code 21WI-0661
Sponsor AICPA
NASBA ID#: 112891
Level Basic
Format Group Internet Based
Prerequisites Prereq. Basic knowledge of individual income taxation
Advance
prep
None
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Alternate Dates

21WI-0702: Estate & Trust Primer (Webinar)
Jan. 7, 2022