Forms 1041: Basic Trust and Estate Income Tax Preparation

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
4 Credits: Taxes

Course Description

In this workshop from Claudia Hill, you’ll start at the beginning, with reading and understanding the trust document. The class will help you identify any important information you will need before you begin, distinguish 1040 preparation rules from 1041 rules, understand who pays taxes on trust income, and help the client understand the value of your services. This four-credit workshop will put your mind to work and pencil to paper.

Learning Objectives

Upon completing this course, participants will be able to understand:

  • Form 1041 Specifics
  • Observation on the Form 1041 Header
  • Role of Fiduciary
  • Role of the Preparer
  • Inclusion of Amounts in Beneficiaries Income
  • Reading the Document
  • The Importance of the Trust Instrument
  • Capital Gains Rates of Trusts
  • Fiduciary Accounting Income
  • Common Issues When Preparing Trust Returns
  • Distributions from an Estate or Trust Under the “65-Day Rule”
  • Election to Include Revocable Trust in Estate
  • When & Where to File
  • Grantor Trust Exercise
  • Practitioner’s Toolbox

Course Specifics

Course ID
WC1822275417
Revision Date
January 19, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01977-22-O
IRS Federal Tax Law Credits: 4
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1714
CTEC Federal Tax Law Credits: 4

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration 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.

Course Instructor

Claudia Hill Headshot
Claudia Hill, EA, MBA

Claudia Hill, EA, MBA, is a nationally recognized tax professional and a frequent lecturer on taxation of individuals and representation before the IRS. She’s the editor in chief of CCH’s Journal of Tax Practice & Procedure, coauthor of CCH Expert Treatise Library: Tax Practice and Procedure, and a frequent presenter for both live and audio CPE seminars. Named a Top Ten Nominee by Tax Analysts as 2011 Person of the Year, she coordinates a “dream team of tax controversy advisors” for the IRS Watch blog on Forbes.com. Claudia served on the 1987 Commissioner’s Advisory Group to the National Office of the IRS. She’s the owner and principal of …

Claudia Hill, EA, MBA Read More »

Forms 1041: Basic Trust and Estate Income Tax Preparation

Expert Instructors
CPE CREDITS
4 Credits: Taxes

$196.00


Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
4 Credits: Taxes

Course Description

In this workshop from Claudia Hill, you’ll start at the beginning, with reading and understanding the trust document. The class will help you identify any important information you will need before you begin, distinguish 1040 preparation rules from 1041 rules, understand who pays taxes on trust income, and help the client understand the value of your services. This four-credit workshop will put your mind to work and pencil to paper.

Learning Objectives

Upon completing this course, participants will be able to understand:

  • Form 1041 Specifics
  • Observation on the Form 1041 Header
  • Role of Fiduciary
  • Role of the Preparer
  • Inclusion of Amounts in Beneficiaries Income
  • Reading the Document
  • The Importance of the Trust Instrument
  • Capital Gains Rates of Trusts
  • Fiduciary Accounting Income
  • Common Issues When Preparing Trust Returns
  • Distributions from an Estate or Trust Under the “65-Day Rule”
  • Election to Include Revocable Trust in Estate
  • When & Where to File
  • Grantor Trust Exercise
  • Practitioner’s Toolbox

Course Specifics

Course ID
WC1822275417
Revision Date
January 19, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01977-22-O
IRS Federal Tax Law Credits: 4
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1714
CTEC Federal Tax Law Credits: 4

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration 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.

Course Instructor

Claudia Hill Headshot
Claudia Hill, EA, MBA

Claudia Hill, EA, MBA, is a nationally recognized tax professional and a frequent lecturer on taxation of individuals and representation before the IRS. She’s the editor in chief of CCH’s Journal of Tax Practice & Procedure, coauthor of CCH Expert Treatise Library: Tax Practice and Procedure, and a frequent presenter for both live and audio CPE seminars. Named a Top Ten Nominee by Tax Analysts as 2011 Person of the Year, she coordinates a “dream team of tax controversy advisors” for the IRS Watch blog on Forbes.com. Claudia served on the 1987 Commissioner’s Advisory Group to the National Office of the IRS. She’s the owner and principal of …

Claudia Hill, EA, MBA Read More »

Forms 1041: Basic Trust and Estate Income Tax Preparation

Expert Instructors
CPE CREDITS
4 Credits: Taxes

Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.

$196.00