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Form 1041 Line-by-Line Preparation: U.S. Fiduciary and Income Tax Return for Estates and Trusts

Outline

While preparing for The US Income Tax Return for Estates & Trusts (Form 1041), it's important to understand the guidelines IRS issued to file it without any errors. In this webinar, we'll take a deep dive to explain the income, gains, deductions, losses, etc. of the estate or trust. We'll discuss the income that is either held or accumulated for future distribution or distributed currently to the beneficiaries.


You'll discover what falls into the income tax liability of the estate or trust and what guidelines we need to comply with in such conditions. We'll bunk all the myths around employment taxes on wages paid to household employees.


Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but the intricacies of Subchapter J of the Internal Revenue Code are enough to overwhelm them.


Join Compliancevent to learn the basics of estates and trusts. This training will provide a deep understanding of distributable net income (DNI) and income-in-respect of the decedent (IRD). You will get a practical guide to completing the fiduciary income tax return without any errors to minimize the chance of the IRS coming after you.


What You Will Learn

-Basics of estate planning
-Tax reporting for trusts
-Review of wealth tax regime
-Allowable tax deductions
-Trust terminations
-Income allocations


What We'll Discuss

-Easy-to-use charts
-Difficult concepts made simple
-Real-life examples
-Sample IRS forms


Learning Outcomes of the Webinar

-Understand the timeline and tax filing requirements faced by a decedent’s personal representative
-Learn the differences between accounting, distributable and taxable income
-Identify reportable items of income and deductible expenses
-Diligently and properly complete Form 1041
-Avoid mismatching important details and miscalculating deductions
-Glean information from and work with related individual and estate tax forms


Who Will Benefit

-Tax practitioners
-Estate planners
-Consultants
-Attorneys
-Accountants
 

You may ask your Question directly to our expert during the Q&A session.

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