Learn How the Income of Estates and Trusts is Taxed and How to Prepare Accurate 1041s
Filing Form 1041 for estates and trusts is not an everyday task for most practitioners. But, with the increased use of trusts to transfer wealth and an increased IRS audit focus, knowing how to prepare an accurate fiduciary income tax return is now more critical than ever to serving your clients. And despite the increasing estate tax exemption amount that relieves a growing number of decedent’s estates from transfer tax, such estates continue to have income tax issues until the administration is completed and the estates are settled. All of this adds up to a need for tax practitioners to be well versed in the rules for fiduciary taxation.
This timely two-hour audio seminar on Thursday, January 24th will provide a concise and practical review of the income taxation of decedents, estates and trusts to help preparers of Form 1041 file accurate returns and advise clients with confidence. Noted tax advisor, instructor and author, Robert Barnhill, J.D., CPA, CFP, M.B.A, will make sure practitioners who participate in this interactive seminar learn the ins and outs of Form 1041 compliance; how to accurately prepare the U.S. Income Tax Return for Estates and Trusts; and how to properly allocate taxable income between the entity and its beneficiaries. All tax return preparers, accountants, attorneys and other professionals who advise individuals and families on their tax and financial matters will benefit from this insightful seminar.
Program Topics
Types of fiduciary entities
Filing requirements
Elections
Computing Entity's Taxable Income
Computing Income Distribution Deduction—Line 18
Allocation of DNI between beneficiaries
Total Income—Line 9
NOLs
Basis
Depreciation
AMT
Passive activities
Income in respect of a Decedent—Line 8
Deductions in respect of a Decedent—Line 15a
Itemized Deductions—Lines 10-15b
Exempt income allocation
Interest
Section 212 expenses
Charitable deduction—IRC Sec. 642(c)
Personal assets of decedent
2% AGI Rule
Personal residence of Decedent
Estate tax deduction—Line 19
Personal exemption
Distributable Net Income (DNI)—IRC Sec. 643(a)
Income Distribution Deduction (IDD)
Capital gains and losses
Distributions
Allocation of DNI to noncharitable beneficiaries
Schedule K-1
Learning Objectives
Gain a practical understanding of the fiduciary income taxation
Understand the parts and schedules that make up the Form 1041
Know how to compute taxable income for an estate or trust
Know how to compute Distributable Net Income and properly allocate taxable income between the fiduciary entity and its beneficiaries
Understand how the 2% AGI floor rules apply to trusts and estates
Prepare accurate Form 1041 returns
Register today for this insightful program on Thursday, January 24 at 1 PM Eastern, Noon Central; 10 AM Pacific.
SPECIAL BONUS—each registered site will also get a free copy of CCH’s 1041 Express Answers
About the Speaker:
Robert E. Barnhill, III, J.D., CPA/PFS, CFP, M.B.A., is an attorney, CPA and financial planner in Lubbock, Texas. His practice focuses on estate, retirement and individual tax planning and wealth accumulation and compensation planning.
A prolific speaker and author, Robert has been an adjunct professor at Texas Tech University for the last 19 years in the Personal Financial Planning Department and conducts keynote speeches and training sessions for various professional associations throughout the United States. He was named by the American Institute of Certified Public Accountants as an Outstanding Discussion Leader.
Including comprehensive estate plans, family limited partnerships, and irrevocable life insurance trusts, Robert consults, prepares and implements a variety of wealth accumulation and transfer plans for all types of individuals. Also, Robert has helped firms in the development and implementation of different compensation programs that attract, retain and motivate employees. He has advised attorneys as they prepare for trial and has been used as an expert in an assortment of cases.
Robert is a member of various professional associations including the American Bar Association, AICPA, the Financial Planning Association and the National Speakers Association.
How the Audio Seminar Works
CCH’s live audio seminars require nothing more than a telephone connection. For the single per-site fee, you can have an unlimited number of listeners at your site participate, get up to speed and in-the-know on important topics, and get special bonus publications included with the seminar. Handout materials are provided in PDF format that you can download and copy for all those who will participate in the seminar at your location.
Practice Development Tip! Invite colleagues, business referral sources, clients and prospects to your office to listen in and participate on this seminar with you. They’ll appreciate your invitation to hear directly about this important topic.
If you are unable to attend this upcoming event and would like to order a recording—or if you would like to order recordings of past CCH Audio Seminars, please visit the CCH Audio Seminar Archive Library today.
Pricing:
Site License: $249 – Registration includes one telephone connection at one location, one master set of handouts (with permission to make additional copies for the participants at your location), an unlimited number of people in one listening room can participate, and one seminar bonus publication per registered site. ($25 CPE fee additional for each person wishing to receive a CPE certificate for their participation.)
CD Recording: $249 – The CD includes an audio recording of the event and handout materials in PDF format. Includes copy of seminar bonus publication with purchase. Available one week after the live audio seminar event. (Note: CPE credit is not available for the CD version of the presentation.)
