22WS-1338: Surgent's Fiduciary Income Tax Returns: Form 1041 Workshop with Filled-in Forms (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Description

Who should take this program?

CPAs whose practice includes the preparation of fiduciary income tax returns

Major subjects

• Classifying receipts between "income" and "corpus" under the Uniform Principal and Income Act
• Calculationof 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, excess business loss limitations, 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 trustand estate case studies, with filled-in forms

Learning objective(s)

• Be aware of fiduciary accounting principles
• Calculate Distributable Net Income and the income distribution deduction
• Prepare Form 1041 and Schedule K-1