Get up to speed on the core concepts of trust and estate income tax preparation. We’ll explain the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and give you a refresher on preparing Form 1041. The 300-page manual is an excellent reference source for your practice, and begins with simple cases and builds on that base throughout the manual. The course ends with two complicated preparation cases—one trust and one estate—each with filled-in forms.
8:30 AM until 4:30 PM
LCPA - Training Facility
2400 Veterans Memorial Blvd
Online registration is closed.
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|Prerequisite||Experience with the preparation of income tax returns|
|Designed For||CPAs whose practice includes the preparation of fiduciary income tax returns|
The Member rate applies to LCPA members, other state 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.
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.
- Be aware of fiduciary accounting principles
- Calculate Distributable Net Income and the income distribution deduction
- Prepare Form 1041 and Schedule K-1
- Classifying receipts between “Income” and “Corpus” under the Uniform Principle and Income Act
- Forgetful fiduciaries of Simple Trusts
- Fluctuating trusts – Simple one year, complex the next
- 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
- 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
- Tax-planning concerns and special issues
- Allocating tax items to beneficiaries: another K-1
- Reporting in light of the net investment income tax
- Comprehensive DNI calculation case study
- Comprehensive trust case study, with filled-in forms
- Overview of estate case study, with filled-in forms