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Form 1041 - A Practical Guide  

CATEGORY: Taxation
COURSE ID: CL1041, VERSION 3.00
(118)
Online & Mobile, Download
10 CPE Credits

This course provides guidance on the preparation of Form 1041 and counseling clients about numerous issues involving estates and the various types of trusts, including simple and complex trusts, grantor trusts, revocable living trusts, electing small business trusts (ESBTs), business trusts, and liquidating trusts. Topics include a review of trust concepts and the types of trusts; the differences between accounting income and taxable income; application of the Uniform Principal and Income Act and the impact of state laws; pass-through entities and material participation by trusts; allocation of income and expenses; treatment of bundled fees; distributable net income (DNI) and the income distribution deduction; the taxation of distributions to beneficiaries; federal income tax, alternative minimum tax, net investment income tax, and household employment taxes; penalties; and extended returns, amended returns, claims for refund, and requests for prompt assessment.

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