Fundamentals of Income Taxation of Trusts & Form 1041 Planning
From: $119.00
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.