The preparation of The US Income Tax Return for Estates & Trusts (Form 1041) is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives, and beneficiaries. Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but are soon overwhelmed by the intricacies of Subchapter J of the Internal Revenue Code. This class will examine the basics of estates and trusts, provide an understanding of distributable net income (DNI) and income-in-respect of decedent (IRD), and offer a practical guide to completing the fiduciary income tax return.
Upon completion of this course, you will be able to:
- Understand the timeline and tax filing requirements faced by a decedent’s personal representative.
- Identify reportable items of income and deductible expenses.
- Distinguish between accounting, distributable and taxable income.
- Diligently and properly complete Form 1041.
- Glean information from and work with related individual and estate tax forms.
Who should attend?
- Tax Attorneys
- Tax Compliance Managers
- Other Tax Professionals
NASBA CPE Credits: 2
Program Prerequisites: None
Advance Preparation: None