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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.
-Basics of estate planning
-Tax reporting for trusts
-Review of wealth tax regime
-Allowable tax deductions
-Trust terminations
-Income allocations
-Easy-to-use charts
-Difficult concepts made simple
-Real-life examples
-Sample IRS forms
-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
-Tax practitioners
-Estate planners
-Consultants
-Attorneys
-Accountants
Monica Haven is an Enrolled Agent, an Accredited Tax Advisor, and Accredited Tax Preparer. With a Master of Law in Taxation (LL.M.) from Loyola Law School in Los Angeles, she has a Bachelor of Science degree in Small Business Management with an emphasis on New Ventures, and is a graduate fellow of the National Tax Practice Institute, a nationally recognized academic program designed to develop and hone the skills necessary for effective taxpayer representation.
Monica Haven has been a long-term and active member of numerous professional organizations, including the National Association of Enrolled Agents, the National Society of Accountants, the National Association of Tax Practitioners, the National Society of Tax Practitioners, the California Society of Enrolled Agents, the California Society of CPAs, and the California Society of Accounting and Tax Professionals, as well as the Los Angeles County Bar Association, the Young Tax Lawyers Committee, and the Tax Law Society.
She has been nominated to Who's Who in California, Who's Who of American Women, Two Thousand Notable American Women, International Who's Who of Professional and Business Women, World Who's Who of Women, and Woman of the Year in Finance.
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.
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