2024 MSCPA Annual Convention: Details

Form 1041 Advanced Series Part 3: Sec.199, Sec.67g & Charitable Deductions2024

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Thursday, September 5, 2024 @ 10:00am 12:00pm
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Description

During part 3, of this 4-part series, we'll focus on the challenges preparers of fiduciary tax returns face when trying to apply new tax laws often targeted for individuals to non-grantor trusts. This webinar explores in depth the limitations posed by the new tax rules under IRC Sec. 67(g). It also explores presentation issues when the entity has Qualified Business Income (QBI) that results in a Sec. 199A deduction. Lastly, it explores difficult issues that can arise with the charitable contribution deduction.

Prerequisites

Form 1041 Advanced Workshop Part 2

Highlights

• Review of New Rules under IRC Sec. 67(g) • Review Surprises to Simple Trusts under IRC Sec. 67(g) • Presentation Issues with IRC Sec. 199A Deduction and the Tier System • Special Rules Relating to the Charitable Contribution Deduction • Problem Examples

Objectives

• Determine the application of individual tax rules to non-grantor trusts • Recognize how to calculate the limitations under new law for certain deductions • Identify placement on the tax forms to incorporate the special deduction rules

Preparation

None

Credits

Category Amount
Taxation 2.00