Successfully navigating Form 1041 can be a challenge for the most seasoned practitioners. Review advanced issues that arise in fiduciary accounting and taxation. Favorable planning opportunities to minimize taxes.
A focus on new legislation (Sec. 67(g) and Sec. 199A) and the impact on Form 1041 is reflected on the tax forms. Special situations involving fiduciary accounting for flow-through entities. Issues that arise upon the death of the grantor or first spouse. Additionally, a review and analysis of issues affecting California Form 541.
- Identify the basic concepts of fiduciary taxation.
- Recognize the impact of the Medicare surtax and the latest legislation on fiduciary tax rates and brackets with emphasis on Form 1041 forms.
- Determine special issues involved with fiduciary accounting that involve distributions from flow-through entities, the power to adjust and other special elections that impact fiduicary accounting income.
- Analyze issues involving distributions, the distribution deduction and special issues involving capital gains and in-kind distributions.
- Determine and analyze the issues and elections that arise upon the death of the grantor or first spouse.
- Review California fiduciary taxation and differences with Federal law.
Level of Difficulty:
- Impact of fiduciary taxation law, tax rates and the Medicare surtax
- Changes made by 2017 Tax Act
- The tax cost of accumulating taxable income in a estate or non-grantor trust
- Fiduciary accounting issues that impact distributions from entities or trustee's power to adjust
- Distribution deduction and planning strategies
- Death of grantor or first spouse, and related reporting and planning issues
- California Form 541 issues and updates
An understanding of the basics of Form 1041, fiduciary accounting and taxation.
CPAs, trustees, attorneys and advisers.
This course will adjourn at 4 p.m.