This program gives an introduction to fiduciary (book) accounting, the allocation of receipts and disbursements between income and principal under the Uniform Principal and Income Act, including how it impacts the calculation of the income distribution deduction for complex trusts on the Form 1041. Critical issues concerning preparing client's Form 1041 will be addressed, with a focus on the impact of the new Section 199A 20% deduction on trusts, estates and beneficiaries.
DESIGNED FOR
Those seeking to grow their knowledge regarding tax planning for estates and trusts
BENEFITS
After attending this presentation you will be able to...
- Identify financial accounting, tax rules and guidelines of estates and trusts
- Determine potential pitfalls and planning ideas
HIGHLIGHTS
The major topics that will be covered in this course include:
- Introduction to fiduciary accounting
- Distinction between "income" and "principal"
- Discuss Uniform Principal and Income Act
- 2019 rates and brackets
- Section 199A pass-through income
- Excess business losses and Form 461
- Filing deadlines and extensions
- Simple or complex trust?
- Grantor trust
COURSE LEVEL
Intermediate
PREREQUISITES
Basic working knowledge of estate and trusts.
ADVANCE PREPARATION
None