2S. Federal Income Tax Issues of Filing Form 1041 for Estate and Trusts | Webinar
May 17, 2022
- 10:00 am - 12:00 pm Pacific Time Zone
- 11:00 am - 1:00 pm Mountain Time Zone
- 12:00 pm - 2:00 pm Central Time Zone
- 1:00 pm - 3:00 pm Eastern Time Zone
- Course Description
This course introduces the tax professional to the special rules for preparing Form 1041 fiduciary income tax returns and discusses the reporting requirements and the pass-through of tax characteristics from the entities to the beneficiaries. This course will introduce the unique items that are critical for understanding the transactions of the entity vs. the beneficiary (ies). The course discusses the Income Distribution Deduction and Distributable Net Income (DNI).
- Learning Objectives
Upon completion of this course attendees will be able to:
- Describe the reporting requirements of income and deductions related to transactions at the entity level
- Answer the questions of when, why and who pays the tax
- Discussion of the "pass through" entity requirements along with the proper reporting on Schedule K-1
- Differentiate between the "controlling documents" (Trust/Will) which tell the story of who the participants
- are and how the income and deductions are reported for those involved
- Identify the steps necessary in preparing a proper Form 1041
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