Webcast: Successfully Completing an Income Tax Return for a Trust or Estate -- Form 1041 (XSFM4118)
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Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts during their lifetime. And some will die with probate estates. Therefore, you should have a basic understanding of how the income tax applies uniquely to trusts and estates. For example, “distributable net income” (DNI) is a trust-only concept that is essential to understand. Plus, the deductions for fiduciary fees, charitable deductions and certain miscellaneous deduction

2/5/2018
When: 02/05/2018
12:00 PM until 2:00 PM
Where: Webcast
SURGENT
FM41-2017-01-WEBNR-36-01
United States
Presenter: Bob Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA


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Acronym XSFM4118
CPE 2 hours
Vendor Surgent
Category
Tax
Level Advanced
Prerequisite None
Adv Prep None
Yellow Book? No
Registration Fees
Members* $89
CPA Non-Members $114

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description
Some of your clients have estate plans that provide for testamentary trusts. Other clients make gifts to irrevocable trusts during their lifetime. And some will die with probate estates. Therefore, you should have a basic understanding of how the income tax applies uniquely to trusts and estates. For example, “distributable net income” (DNI) is a trust-only concept that is essential to understand. Plus, the deductions for fiduciary fees, charitable deductions and certain miscellaneous deductions (such as investment advisory fees, and attorney/accountant fees) are treated differently than for individual taxpayers. However, with a decent understanding of the basic income tax and net investment income tax (NIIT) rules, you can add significant value to your clients.

Objectives

  • Understand how to file a basic income tax return for an estate or trust – form 1041

Major Topics

  • Passive activity rules for trusts including the NIIT
  • The different types of trusts for income tax purposes (e.g. simple, complex, grantor, charitable)
  • The critical categorization of income (taxable income vs. fiduciary accounting income)
  • Distributable net income (DNI) and how it works
  • The “Tier” Rules
  • The Separate Share Rule
  • IRC 663(b) “65-Day” Rule
  • IRC §691(c) Deduction
  • QSST and EBST elections
  • How to treat excess deductions on termination
  • Grantor trust rules and how they impact planning and return preparation
  • The income tax side of Domestic Asset Protection Trusts

Designed For
Any tax practitioner who wishes to understand how to assist clients with filing a federal gift tax return

Note: Login instructions will be provided by the webcast vendor (Surgent).