Estate & Trust Primer - Tax Staff Essentials (TSE.ETP)

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Overview

 Protect your clients' assets and shield their estates from increased taxation brought about by the changing tax code. This CPE course will help you to understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. The course provides exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You will also learn how to prepare federal Form 1041 and the accompanying schedules.

Who should attend

CPAs, enrolled agents, and financial planners with basic knowledge of federal income tax concepts, and an interest in Income Taxation of Estates and Trusts and preparing Form 1041.

Details

Objectives:

• Apply the concepts of federal income taxation of estates and trusts.

• Calculate the gross income of trusts and estates.

• Describe which deductions and credits are allowed for estates and trusts.

• Define distributable net income and understand its significance.

Major Topics:

• How trusts and estates are taxed under the internal revenue code

• What is a trust, a simple trust and a complex trust

• How the income of a trust or estate is defined for tax purposes

• What the ordinary deductions are and what credits are allowed

• How the deduction for distributions to beneficiaries are determined

• How trust and estate beneficiaries are taxed

• What a "grantor trust" is and how it is taxed

• How Form 1041 is prepared

e-materials

A link to the electronic materials will be emailed to you 48 hours prior to the event. Hard copies will not be provided.

Advanced preparation

None

Course level

Basic

Prerequisite

Basic knowledge of individual income taxation