Fiduciary Taxation Part 1: Introduction to Form 1041 WEBCAST

Overview

Form 1041 is considered a complicated return by many practitioners, and the complexities have increased with legislation enacted in 2012 and 2017. This stems from the fact that there is terminology specific only to fiduciary entities, special accounting rules that fall somewhere between book and tax, and odd calculations such as distributable net income and deductible DNI. In this introductory webcast, you will gain an understanding of the structure and consistency that underlies this interesting little entity that has been around since the Crusades and has a long history of use and effectiveness.

Highlights

Introduction to the fiduciary entity and the basic fiduciary entity flowchart. Authorities and disciplines in fiduciary accounting and taxation. Fiduciary tax rates and brackets. Introduction to subchapter J. 5 basic rules and concepts of fiduciary taxation. Steps to calculating the income taxation of trusts and estates. Use of a tax spreadsheet.

Prerequisites

None.

Designed For

Tax practitioners, accountants, and financial professionals.

Objectives

Recognize and review typical fiduciary entities. Determine an approach to find the fiduciary. Accounting and taxation of an entity. Identify and understand the differences between fiduciary accounting and taxation.

Preparation

None.

Notice

None.