Mastering the Preparation of Form 1041—A Line-by-Line Approach

Course Description

Tax compliance issues for fiduciary entities are sometimes confusing to practitioners who lack experience in this area. This course provides the practitioner with a practical understanding of the issues involved in preparing Form1041. Highlights include:

• How to prepare Form 1041.
• Specific issues regarding a decedent’s estate.
• Understanding of distributable net income (DNI).
• Understanding of income in respect to a decedent (IRD).

Learning Objectives

Upon successful completion of this course, participants will be able to:

• Describe the formal titling of an entity and how such description affects Form 1041.
• Express the differences in filing Form 1041 with regard to various estate and trust entities.
• Determine the consequences of not properly answering various questions on the return that will flag an audit.
• Utilize Form 1041 to create proper tax elections to effectively reduce fiduciary income taxes.
• Report items of income on the proper income lines of Form 1041.
• Report deductions on the various deduction lines of Form 1041.
• Calculate the distribution deduction on schedule B of Form 1041.
• Calculate the tax generated by Form 1041.

Schedule

For registration information, please contact our office at (800) 822-4194.

For Webcast group registrations, click here.