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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Income Taxation of Trusts and Estates: Planning and Preparation of Form 1041 (ITTE)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

Subchapter J of the Internal Revenue Code governs income taxation of estates and trusts…an area of tax law with numerous special rules, regulations, and professional customs. Form 1041 is unlike any other income tax return a tax professional encounters. This program explains the unique tax rules and opportunities for the knowledgeable tax advisor to provide valuable tax services to fiduciaries—from special tax accounting to options for reporting trust income and expenses.

DESIGNED FOR...

Accountants who advise fiduciaries about tax matters and/or prepare Forms 1041. May also be suitable for accountants in public practice or income tax functions of trust companies.

OBJECTIVE

Participants will be able to:

  • Advise fiduciaries regarding their tax duties for the income tax reporting
  • Understand the types of trusts and their income impact
  • Explain what is involved with trust accounting and dealing with the applicable state principal and income act
  • Understand the filing requirements for trusts and the preparation of Form 1041
  • Deal with unique issues for income and expenses affecting trusts and estate income taxes
  • Understand distributable net income (DNI) and how it impacts taxes

MAJOR SUBJECTS

  • Estate of decedent as a taxpayer—filing requirements and tax planning
  • Types of trusts
  • Trust accounting and available tax elections
  • Filing requirements
  • Identifying deductible and nondeductible expenses for a trust or estate following the repeal of the deduction for 2% miscellaneous deductions under the Tax Cuts and Jobs Act
  • Unique classification of some income and expenses
  • Distributable net income—the concept and its application

COURSE ACRONYM: ITTE

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.