Advanced Trust Tax Return Preparation

2 Credits: Taxes


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)

 Secure Transaction

Advanced Trust Tax Return Preparation

Course Level
CPE Credits

2 Credits: Taxes

Course Description

Managing fiduciary returns, particularly for simple trusts, often turns out to be a complex task, contrary to what the name suggests. Professionals tasked with preparing these returns face numerous challenges, from understanding the nuances of revocable trusts to effectively allocating expenses and determining distributions for income tax preparation. The intricacies of dealing with beneficiary levels, trustee fiduciary responsibilities, and the final return preparation can become overwhelming. Furthermore, making informed decisions about elections available on Form 1041, recognizing the differences between a trust and a probate estate, and understanding the separate share rule and trust situs issues require a depth of knowledge that many may not possess.

This course, led by Mary Kay Foss, CPA, provides an in-depth look into the complexities of preparing fiduciary returns for simple trusts. Participants will explore the various conflicts inherent in dealing with beneficiary levels and the trustee’s fiduciary responsibility. The course offers guidance on understanding and utilizing the elections available on Form 1041, differentiating between a trust and a probate estate, and determining the applicability of the separate share rule and trust situs issues. Armed with this knowledge, professionals will be equipped to navigate the complexities of fiduciary returns, ensuring accuracy and compliance in their tax preparation processes.

Show More
Show Less

Learning Objectives

Upon completing this course, participants will be able to:

  • Review the conflicts inherent in dealing with beneficiary levels and the trustee’s fiduciary responsibility 
  • Understand the Elections available on Form 1041 and when to use them 
  • Recognize the differences between a trust and a probate estate 
  • Determine whether the separate share rule applies and trust situs issues 
Show More
Show Less

Course Specifics

Course ID
Revision Date
April 11, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01997-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1734
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

Mary Kay Foss CPA is a frequent lecturer for professional and business groups. She has over thirty years of practical experience advising about retirement, income and estate planning issues. Ms. Foss is a member of the AICPA Individual and Self-Employed Technical Resource Panel, past chair of the AICPA Trust Estate and Gift Tax Technical Resource Panel and past chair of both the Estate Planning and the Taxation Committee of CalCPA. She is also past president of the Estate Planning Councils of Diablo Valley and East Bay and the East Bay Chapter of CalCPA. She teaches classes for CalCPA and has …