Self-Study
8
Basic
Taxes
There are no prerequisites.

Course Description

Planners are using trusts for their clients more now than ever before. Issues of asset protection from financial and matrimonial creditors as well as concerns about the immaturity of heirs has spiked a growth of trust preparation. It has never been more critical to understand the ins and outs of income taxation of trusts and estates and the preparation of the Fiduciary Income Tax Return. Recent shifts and changes in the taxation of estates and trusts have also changed some of the planning techniques that practitioners should consider when advising clients. In part 1, presenter Steven Siegel will cover basic concepts and issues, revocable trusts, reportable income, deductions and special rules. Part 2 will go more in-depth, covering special situations and AMT, ending with a review of example problems that can be directly related to your practice.



Instructor

Steven G. Siegel, JD, LLM

Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States.

Steven is the author of many books, including: The Grantor Trust Answer Book (2015 CCH); CPA’s Guide to Financial and Estate Planning (AICPA 2014); Federal Fiduciary Income Taxation (Foxmoor 2014); and Federal Estate and Gift Tax (Foxmoor 2014).

In conjunction with numerous tax-planning lectures he has delivered for the National Law Foundation, Steven has prepared extensive lecture materials on the following subjects: planning for an aging population, preparing the audit-proof federal estate tax return, business acquisitions, estate planning, dynasty trusts, planning with intentionally defective grantor trusts, S corporations, and many others.

Steven has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business, and estate planning topics on behalf of numerous organizations, including Western CPE, the Heckerling Institute on Estate Planning, CCH, National Law Foundation, AICPA, the National Society of Accountants, CohnReznick, Foxmoor Continuing Education, many state CPA societies and estate planning councils, and on behalf of private companies.

He’s presently serving as an adjunct professor of law in the graduate tax program (LLM) of the University of Alabama School of Law, and he has served as an adjunct professor of law at Seton Hall University and Rutgers University law schools.

Steven holds a bachelor’s degree from Georgetown University (magna cum laude, Phi Beta Kappa); a juris doctor from Harvard Law School; and an LLM in taxation from New York University Law School.



Course Specifics

Taxes
Dec 29, 2016
There are no prerequisites.
SS8162550
None


Compliance Information

103220
IRS Provider #: OMYXB
IRS Course ID: 0MYXB-T-01100-16-S
IRS Federal Tax Law Credits: 8
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1143
CTEC Federal Tax Law Credits: 8
Qualifies for CA Fraud: No


Learning Objectives

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

Part 1

Section 1

  • Identify the rules and the requirements for estates and trusts for income tax filings

Section 2

  • Identify the special rules and unique attributes of the various types of trusts and the impact on their taxation
  • Differentiate between the various types of income for a trust

Section 3

  • Differentiate between the various types of income for a trust

Section 4

  • Differentiate between the various types of income for a trust
  • Identify deductions and exemptions that are allowable for trusts and estates

Part 2

Section 1

  • Identify deductions and exemptions that are allowable for trusts and estates
  • Identify and appropriately calculate tax credits and income tax liability

Section 2

  • Identify deductions and exemptions that are allowable for trusts and estates
  • Identify and appropriately calculate tax credits and income tax liability
  • Recognize the components of the other information section of the tax return and identify information needed for completion

Section 3

  • Identify considerations needed during the final year of the estate or trust
  • Identify consideration regarding the distribution of property and the resulting impact on the trust or estate or beneficiaries
  • Recognize the application of the AMT rules for trusts and estates

Section 4

  • Identify the income applicable to the net investment income tax and apply the rules to calculate that tax
  • Identify how the various income and expense items impact Form 1041 and beneficiaries using the sample problems provided


Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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