Fiduciary Accounting and Tax Preparation for Estates

Overview

This course will now be held at Nebraska Society of CPAs office in Lincoln.

This program examines the critical issues, rules, and special opportunities when preparing your clients Form 1041 U.S. Income Tax Return for Estates and Trusts. Learn what is considered taxable income; filing requirements and deadlines; impact of the 3.8% Medicare surtax on net investment income; and the 10 principles of tax accounting for trust income.

Highlights

Tax rates and brackets. Calculating a trust’s AGI. Filing requirements, deadlines and penalties. 3.8% Medicare surtax on net investment income (NII). Simple vs. complex trusts. Grantor Trusts: Four options to report activity. Fiduciary Accounting and the 10 Principles of tax accounting for trust income. Section 643 (g) Election. Taxable income of trusts, estate and beneficiaries. Deductions. Distributions

Prerequisites

A basic working knowledge of Form 1041 and estates and trusts.

Designed For

Experienced CPAs working with estates and trusts.

Objectives

Upon completion of this course you will be able to: Provide a working knowledge of tax rules and guidelines of estates and trusts returns. Discuss planning and potential pitfalls.

Preparation

None

Notice

Parking and lunch are provided on-site. This event is paperless. All materials will be available to download in advance and participants will receive an email two days prior to the course date. Materials will also be posted in the “My CPE” section of the NESCPA website.