- TX Credits : 7.0
- CTEC Credits : Federal Tax Law - 7.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 7.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 7.0
This course covers the purposes of the fiduciary income tax return-Form 1041. Coverage includes essential terminology of estates and trusts, the essence of a trust vs. a probate estate, simple vs. complex trusts as well as revocable vs. irrevocable trusts. Recent developments are covered. Includes an introduction to fiduciary accounting (principle vs. income). This course will address the 1041 head-on. The mysteries of “income in respect of a decedent” are plumbed. Particular attention is focused on the income distribution deduction as Form 1041 is the only place in the world of tax where this item is found. This course includes a walk through completion of Schedule B. Also, in this section we address specialized topics such as Tier 1 and 2 distributions, the separate share rule, stale trusts, terminations and special needs trusts.
CPE credits expire 1 year from availability date.
Available November 2021