Form 1041 is considered a complicated return by many practitioners, and the complexities have increased with recent legislation. This stems from the fact that there is terminology specific only to fiduciary entities, special accounting rules that fall somewhere between book and tax, and odd calculations such as “distributable net income” and “deductible DNI.— In this series of webcasts and through a series of schematics and spreadsheets, some of the mystery will be removed from the workings of fiduciary taxation and be replaced with an understanding of the structure and consistency that underlies this interesting little entity that has been around since the Crusades and has a long history of use and effectiveness. Be sure to register for all courses in this series: Fiduciary Taxation Part 1: Introduction to Form 1041 Fiduciary Taxation Part 2: Fiduciary Accounting & Simple Trusts Fiduciary Taxation Part 3: Complex Trusts & Charitable Deduction Fiduciary Taxation Part 4: Miscellaneous Topics & AMT
Learning Objectives
• Recognize and Review Typical Fiduciary Entities
• Determine an Approach to find the Fiduciary Accounting & Taxation of an Entity
• Identify and Understand the Differences between Fiduciary Accounting and Taxation
Major Topics
• Introduction to the Fiduciary Entity and Basic Fiduciary Entity Flowchart
• Authorities & Disciplines in Fiduciary Accounting & Taxation
• Fiduciary Tax Rates and Brackets
• Introduction to Subchapter J
• 5 Basic Rules & Concept of Fiduciary Taxation and Steps to Calculating the Income Taxation of Trusts & Estates
• Use of a Tax Spreadsheet
