Events Search
  Summary & Check Out (0)
Wednesday, August 5, 2020 Webcast

Fiduciary Income Tax Returns – Form 1041 Workshop with Filled-in Forms (X1-1041-2020-01-WEBNR-218-01)

9:00 AM - 5:00 PM EDT
webcast

Webcast

8.0 CPE Credits in TX

OVERVIEW

This course is designed for participants to understand 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.

DESIGNED FOR

CPAs whose practice includes the preparation of fiduciary income tax returns.

BENEFITS

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

HIGHLIGHTS

  • 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
  • Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
  • Comprehensive trust and estate case studies, with filled-in forms

COURSE LEVEL

Intermediate

PREREQUISITES

Experience with the preparation of income tax return.

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for CFP credit.
  • This seminar qualifies for IRS credit.

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Dennis Benvie

Dennis P. Benvie, CPA, MS

Tyirin, Benvie & Co., CPAs

Dennis P. Benvie is a Director, Tax and Advisory Content, with Surgent. In addition to instructing continuing professional education seminars for 29 years, he also writes, edits, and/or updates many Surgent publications. He consistently receives high evaluations for knowledge and presentation skills, and has been recognized as The Outstanding Discussion Leader of the Year, awarded by the state of Indiana. Prior to becoming a member partner of Surgent, Dennis spent 15 years as a partner with a local Cincinnati CPA firm. He has 30+ years of public accounting experience specializing in tax, accounting, and management advisory for closely held businesses and individuals. His background also includes association with a tax attorney’s office and instructing accounting classes as adjunct accounting faculty of local state universities. Mr. Benvie is a graduate of Miami (Ohio) University, degree in Accountancy, and has also earned a Masters of Science in Taxation degree from the University of Cincinnati.

PRICING

$249.00 - Member

$259.00 - Non Member

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Remind me to register

Print a registration form

COURSE DEVELOPER

Surgent

Qualifies For

  • CFP