Form 1041: Tax Compliance, Review and Planning

Are you ready for the upcoming fiduciary tax season? Form 1041 preparation is a critical skill for tax professionals, and this beginner-friendly course will give you the confidence to handle trusts and estates with ease. Whether you’re new to fiduciary taxation or need a refresher, this session provides a solid foundation in Form 1041 compliance, reporting, and planning strategies.

You’ll learn how trusts operate for tax and estate planning purposes, explore key rules like DNI and the 65-Day Rule, and uncover practical tips to avoid costly mistakes. Join us live and gain insights that will help you deliver exceptional value to your clients and stay ahead of complex fiduciary tax issues.

Learning Objectives:

Identify the types of trusts for income tax purposes
Identify the types of trusts for special tax or estate planning purposes
Identify the difference between taxable income and fiduciary accounting income
Apply the concept of Distributable Net Income (DNI) in trust taxation
Identify the impact of the Separate Share Rule for DNI
Implement tax planning strategies using IRC §663(b) (65-Day Rule)
Identify and report tax-related items for grantor trusts accurately

Session Highlights:

Types of Trusts for income tax purposes including – simple, complex, grantor, charitable and fiscal year elections
Taxable income and fiduciary accounting income
Distributable net income (DNI)
IRC §663(b) … 65-Day rule
The “Tier” Rules for DNI
The Separate Share Rule for DNI
2024 Form 1041 Return – Deep Dive of an Estate Return
Passive activity rules for trusts and estates
Net Investment Income Tax (NIIT) and the tricks and traps

Who Should Attend

All tax professionals who desire a better understanding of the fiduciary tax including the Form 1041 return reporting and be able to understand the flow of income from a trust to a beneficiary.

Credits and Other information :

IRS CPE Credits: 2.0 TAX

Location: Virtual/Online

Delivery method: Group Internet Based

IRS Course ID: DFFSC

Attendance Requirement: Yes

Session Duration: 2 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference

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