While preparing for The US Income Tax Return for Estates & Trusts (Form 1041), it's important to understand the guidelines IRS issued to file it without any errors. In this webinar, we'll take a deep dive to explain the income, gains, deductions, losses, etc. of the estate or trust. We'll discuss the income that is either held or accumulated for future distribution or distributed currently to the beneficiaries.
You'll discover what falls into the income tax liability of the estate or trust and what guidelines we need to comply with in such conditions. We'll bunk all the myths around employment taxes on wages paid to household employees.
Many practitioners assume that “Form 1041 can’t be much different than Form 1040” but the intricacies of Subchapter J of the Internal Revenue Code are enough to overwhelm them.
Join Clatid to learn the basics of estates and trusts. This training will provide a deep understanding of distributable net income (DNI) and income-in-respect of the decedent (IRD). You will get a practical guide to completing the fiduciary income tax return without any errors to minimize the chance of the IRS coming after you.
What You Will Learn
-Basics of estate planning
-Tax reporting for trusts
-Review of wealth tax regime
-Allowable tax deductions
What We'll Discuss
-Difficult concepts made simple
-Sample IRS forms
Learning Outcomes of the Webinar
-Understand the timeline and tax filing requirements faced by a decedent’s personal representative
-Learn the differences between accounting, distributable and taxable income
-Identify reportable items of income and deductible expenses
-Diligently and properly complete Form 1041
-Avoid mismatching important details and miscalculating deductions
-Glean information from and work with related individual and estate tax forms
Who Will Benefit
You may ask your Question directly to our expert during the Q&A session.
Monica Haven is an enrolled agent with a Master
of Law in Taxation (LL.M.). She is a nationally recognized speaker and a
sought-after guest lecturer on college campuses and at community
organizations. She loves to teach and
welcomes every opportunity to share her experience and expertise in the
classroom, even as she maintains her Southern California tax practice which
serves clients throughout the world. Monica’s students say she’s a “fantastic
speaker” who can take “hard subjects and put them into concepts that are easy
to understand.” She is “clear, articulate and expressive” and “has energy down
to the last minute of the last class of the last day.” Let’s see if you agree.
Clatid is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 2.0 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please portal.shrm.org.
Clatid Webinar Certification - Clatid rewards you with Clatid Achievement Certification for unlocking and attending this webinar. It is to acknowledge your participation in this training session and to add more to your professional score.
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