The program will examine critical issues in preparing your clients’ Form 1041 U.S. Income Tax Return for Estates and Trusts. Learn where taxable income is determined differently from individuals; filing requirements and deadlines; reporting alternatives for grant or trusts; the calculation and allocation of DNI; and the impact of the new Section 199A 20% deduction on trusts, estates, and beneficiaries.
* Provide a working knowledge of tax rules and guidelines of estates and trust 2018 returns * Discuss planning and potential pitfalls
* Introduction * Semi-Conduit treatment * 2018 rates and brackets, including 3.8% NIIT * Filing requirements * Section 645 Election * Simple vs Complex Trusts * Estimated Taxes and the Section 643(g) Election * Grantor Trusts * Four Options to report activity * Fiduciary Accounting * Introduction to Fiduciary Accounting * Impact on Required Distributions and the Income Distribution Deduction * Distinction between “Income” and “Principal” * Uniform Principal and Income Act * Trustee’s discretionary power to adjust * Fallback allocation rules * Depreciation is optional * Taxable Income * Gross Income * Deductions * Depreciation (But no Section 179!) * Charitable Contributions * Notice 2018-61 * Treatment of miscellaneous itemized deductions * Treatment of administrative expenses * §199A Pass-Thru Income * § 461(l) limitation on losses * Distributions * Calculating DNI * Simple vs Complex Trusts * Allocation of DNI
Who Should Attend
Experienced CPAs who work with estates and trusts
A basic working knowledge of estates and trusts
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|W0009419: Guide to 1041 Preparation of Estates and Trusts||Early Bird||Regular|
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