Duration: 90 minutes

Description:

This year, CPAs, lawyers, and trust professionals will be preparing and reviewing numerous Form 1041 returns, making it essential to establish a solid foundation in fiduciary tax. Understanding who is responsible for taxes in ongoing trust administration and estate management is crucial. Even if you don’t prepare returns, grasping the flow of income from a trust to its beneficiaries is vital for lawyers and trust officers alike.

Join Bob Keebler in this exclusive webinar as he addresses key fiduciary income tax issues and planning strategies essential for navigating clients’ 1041 concerns.

This session will cover both the Form 1041 and the underlying theories and statutes involved. Key topics include:

• Types of trusts for income tax purposes: simple, complex, grantor, charitable, and fiscal year elections
• Taxable income versus fiduciary accounting income
• Distributable Net Income (DNI), including implications for IRAs
• IRC 663(b) “65-day rule”
• The tier rules for DNI
• The separate share rule for DNI
• Passive activity rules for trusts and estates
• The 3.8% net investment income tax and potential pitfalls
• IRC §691(c) deduction for large IRAs
• Deductions upon termination
• QSST and EBST elections
• Complex charitable issues under IRC §642(c)
• Grantor trust reporting
• DAPT reporting
• Kenan losses and related party rules under 267(b)(13)

Learning Objectives:

• Categorize the types of trusts for income tax purposes (simple, complex, grantor, charitable, and fiscal year elections)
• Identify and understand essential fiduciary income tax issues, traps, and planning points for clients dealing with Form 1041
• Recognize the flow of income from trusts to beneficiaries

Credits and Other information:

• Recommended CPE credit – 1.5
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 90 minutes

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Robert S. Barnett, JD, Masters (Taxation), CPA, is a founding partner of Capell Barnett Matalon & Schoenfeld LLP, Attorneys at Law. His practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning. His experience includes Surrogate’s Court practice, tax dispute resolution, Tax Court representation, and structuring financial transactions and charitable gifts.