2024 Guide to Preparing Form 1041 for Estates and Trusts

This program examines the critical issues, rules, and special opportunities when preparing your clients' Form 1041 US Income Tax Return for Estates and Trusts.

Navigate the intricate world of tax compliance for fiduciary entities with confidence through this comprehensive course tailored for financial professionals. Gain practical insights and expertise in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041), addressing specific issues surrounding decedents' estates and trusts. Delve into the fundamentals of Subchapter J of the Internal Revenue Code and master the art of compliance while decoding complex tax regulations. With engaging case studies and line-by-line instruction, participants will acquire the skills necessary to recognize and address key components of Form 1041, ensuring accuracy and efficiency in tax preparation. Don't miss this opportunity to enhance your proficiency and advance your career in fiduciary taxation.

This program is designed as a comprehensive guide to the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041.

Learning Objectives:

• Apply the most recent tax rules and guidelines when preparing client estates and trusts returns
  
• Identify planning ideas and potential pitfalls
• Be aware of fiduciary accounting principles
• Calculate Distributable Net Income and the income distribution deduction
• Prepare Form 1041 and Schedule K-1
• Current rates and brackets
• Calculating a trust's AGI
• Filing requirements, deadlines and penalties
• 3.8% Medicare surtax on net investment income (NII)
• Simple vs. complex trusts
• Grantor Trusts: Four options to report activity
• Section 643 (g) Election
• Taxable income of trusts, estate and beneficiaries

Session Highlights: 

• Identify the key components of Form 1041 for fiduciary entities
  
• Describe specific issues related to decedent's estates and trusts
• Recognize the fundamentals of Subchapter J of the Internal Revenue Code
• Discuss strategies to comply with tax compliance issues effectively
• Interpret distributable net income (DNI) and income in respect of a decedent (IRD)
• Explain how to prepare a Form 1041 in line-by-line instruction
• Apply knowledge gained to real-world case studies
• Analyze estate documents for tax implications
• Differentiate between various types of trusts for tax purposes
• Evaluate the impact of tax regulations on fiduciary entities
• Assess the importance of accurate tax preparation in maintaining compliance
• Justify the necessity of ongoing professional development in fiduciary taxation

Credits and Other information:

• Recommended CPE credit – 2.0
  
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• NASBA Sponsor: 146439
• IRS Course ID: PJGWS
• Attendance Requirement:  Yes
• Session Duration: 2 Hours
• Case Studies and Live Q&A session with speaker
  
• PowerPoint presentation for reference

Who Will Benefit:

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

Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Speaker Profile:

Warren M Bergstein: More than forty years of practice in tax planning, estate and trust administration and planning, personal financial planning and accounting have given Warren an extraordinarily deep understanding of taxation and personal finance. At his firm, Adelman, Katz & Mond LLP, his clients, who include primarily high net worth individuals, entrepreneurs and sole proprietors, benefit from his expertise in tax law, its applications and implications for individuals. Warren is an adjunct professor of accounting and taxation at Long Island University, New Jersey City University, and Rutgers. He has spoken at the Institute of Management Accountants, both the New York and Long Island chapters of the Financial Planning Association, the New York State Society of CPAs, New York University, and others. In addition, he is an accomplished author, and has regularly contributed to publications like Marshall Loeb's Money Guide, Taxation for Accountants, and The CPA Journal. Warren has been very active in professional organizations, and has frequently been elected as president, board member or committee chair. Warren is a fan of local sports teams. He also likes to read biographies and books on current events. He and his wife, Susan, live in Langhorne, PA. They have two children, Sam and Robin, and a granddaughter, Reily.