S05-Basic Trust & Estate Income Tax Preparation

Wednesday, June 26 | 1:20 pm - 5:10 pm
Track: Trusts
CE :
     4 hours Federal Tax Law (EA, CRTP, OTRP)
     4 hours Taxes/Tax Planning (CPA/CFP)
     3.25 hours Taxation Law (Attorney – CA Bar MCLE)
     4 hours (CSEA/NAEA)
Speaker: Claudia Hill, EA, MBA

Description: Preparation of estates and trusts is a growth area for tax practices, but there are significant differences between preparing a 1040 and a 1041.  This session focuses on the importance of reading and understanding the will or trust document, and how to properly reflect the terms of the document in the 1041 return preparation process.  Using multiple exercises for various scenarios, the session provides a worksheet for summarizing the trust document, and pencil-to-paper examples of revocable v. irrevocable trusts, spousal “first-to-die” trusts, expense allocation, distribution rules, the IRC 645 election, and the “65 day rule.”

Learning Objectives
1. Identify filing requirements for the 1041                                     
2. Distinguishing between estate and trust filing procedures                                         
3. Understanding the importance of reading and understanding the trust document                                     
4. Review of preparation issues for the most common irrevocable trusts
Learning Level: Introductory

Prerequisites: None

Advanced Preparation: None