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Fundamentals of Fiduciary Taxation and Form 1041



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In the next  nine months you will be preparing and reviewing many 1041s and even experienced practitioners will benefit from a review while newer lawyers, CPAs and trust experts will want to establish a solid fiduciary tax foundation.  It is critical to understand who pays taxes for ongoing trustee and who pays income taxes during an estate administration.  Even if you do not prepare the returns an understanding of the flow of income from a trust to the beneficiary is critical for both lawyers and trust officers.  
   
In this exclusive LISI webinar, Bob Keebler will get you quickly up to speed on all of the vital fiduciary income tax issues, traps and planning points you will need to master whenever you have clients with 1041 issues.   This class will cover both the 1041 form and the theory/statutes behind the concepts.  Specific topics Bob will cover include the following:  

    • The types of trusts for income tax purposes: simple, complex, grantor, charitable and fiscal year elections
    • Taxable income vs. fiduciary accounting income
    • Distributable net income (DNI) including IRAs
    • IRC 663(b) “65-Day” Rule
    • The “Tier” Rules for DNI
    • The Separate Share Rule for DNI
    • Passive activity rules for trusts and estates
    • 3.8% Net Investment Income Tax and the traps
    • IRC §691(c) Deduction including large IRAs
    • Deductions on termination
    • QSST and EBST elections
    • Difficult 642(c) charitable issues
    • Grantor trust reporting
    • DAPT reporting


    There will be no CE for this webinar


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