Income Tax for Estates and Trusts-Form 1041 - 2022 (Live Online Seminar)  

This course addresses the fiduciary income tax return-Form 1041. Coverage includes essential terminology of decedent’s estates as well as the probate process. Trusts (simple vs. complex, revocable vs. irrevocable and inter vivos vs. testamentary) are explained in detail with particular emphasis on the essence of the trust concept. This will help mitigate the angst that often plagues the tax preparer when working with trusts. Also included is an introduction to fiduciary accounting (principle vs. income). New this year is a detailed discussion of community property as 25% of the U.S. population live in community property states. Recent developments in estate tax are covered in the “What’s New” chapter. The mysteries of “income in respect of a decedent” are plumbed. Also, particular attention is focused on the income distribution deduction as Form 1041 is the only place in the world of tax where this notion is found. This course includes a detailed walk-through of Schedule B. All this as well as specialized topics such as Tier 1 and 2 distributions, the separate share rule, stale trusts, terminations and special needs trusts.