Description

With more individuals using trusts in estate planning, knowing how to prepare an accurate Form 1041 is becoming more important than ever.Many preparers of Form 1041’s do not understand the differences between the types of trusts for which they are preparing the tax return and the differences in reporting for each various type of trust or they may not understand the various rules related to reporting for estates. In addition, many are unaware of the different elections that may be available to the taxpayer. This topic will teach tax preparers (as well as others who either advise tax preparers or review tax returns prepared by others) how to accurately prepare Form 1041’s for Estates and Trusts. The material also explains the often misunderstood concepts of Income in Respect of Decedent (IRD) and Distributable Net Income (DNI). It also explains the various deductions available to the taxpayer. Most importantly, it will point out the common mistakes made by tax preparers in preparing 1041’s and how to avoid them.

Date: 2019-07-25 Start Time: End Time:

Learning Objectives