This course is designed to help the beginner as well as the experienced practitioner in their understanding of income taxation of Estates and Trusts. Fiduciary income and issues will be reviewed, including a complete analysis of Form 1041, (U.S. Income Tax Return for Estates and Trusts). In addition, new changes in the tax laws as they relate to Form 1041 will also be reviewed.
Course ID: ITET
Federal Income Tax Update for Estates and Trusts
- To provide participants both an update and instructions so that the Participant will have the necessary knowledge to complete IRS Form 1041s for the 2012 tax season.
- A quick look at the decedent’s final return and how to allocate income between the decedent and fiduciary
- What a tax practitioner needs to know about estate planning and probate
- Overview of split-interest charitable trusts
- What can and cannot be deducted on Form 1041
- How to calculate the income distribution deduction
- Fiduciary accounting
- Proper handling of depreciation and rental losses
- Calculating the estate tax deduction on income in respect of a decedent (IRD)
- Tips on building an estate practice