Foundations of Form 1041 Fiduciary Income Tax Return
EVENT DATE:
Nov 30,2023
PRESENTER(s): Klaralee R. Charlton
01:00 PM ET | 12:00 PM CT | 10:00 AM PT |
120 Minutes
Learn the basic concepts related to filing the Form 1041 fiduciary income tax return for trusts and estates including identifying sources of income, eligible deductions, and passing income out to beneficiaries. This course will highlight unique issues related to Form 1041 and useful techniques practitioners can use to reduce overall tax liability.
In this Session the practitioner will have a better understanding of entities and the basics of Subchapter J of the Internal Revenue Code and tax compliance in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).
Topics Covered:
- Choice of Filing Period
- Common Types of Income
- Unique Trust and Estate Deductions
- I.R.C. § 645 & 663(b) Elections
- I.R.C. § 1014 Basis Adjustment Reporting
- Allocation of Income Between Entity and Beneficiaries
Session Highlights:
- Advise clients on the available options for filing Form 1041 for a trust or estate to achieve tax saving goals.
- Analyze income and deductions and allocate each to the appropriate taxpayer and tax period.
- Evaluate the impact of making certain elections and explain the benefits of these elections.
- Understand the importance of properly allocating income between the entity and the beneficiaries.
- Recall QSST and EBST elections
- Live Q&A session will be held after the event.
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
- IRS Course ID: PJGWS-T-00070-23-O
- 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
Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
