Our offices will be closed Monday, May 28th, in observance of Memorial Day. Technical Support will be available via email at ​kfeducation@kaplan.com during business hours. We look forward to serving you when we return Tuesday, May 29th. 

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

Preparing Form 1041: Getting It Right (PF41)

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

WHY ATTEND THIS COURSE?

Properly filing income tax returns for trusts and estates involves a complete understanding of Form 1041 and the underlying law that governs the reporting of the trust or estate’s activities. This program is meant to introduce accountants who are comfortable with income taxation of individuals to the issues that arise when performing tax compliance engagements for trusts and estates. The course book, following Form 1041 and related schedules, will present a practical guide to dealing with engagements to prepare trust and estate income tax returns, as well as serve as the core knowledge for CPAs looking to then move on to planning in the trust and estate income tax arena.

DESIGNED FOR...

Accountants who prepare Form 1041. May also be suitable for accountants in public practice or income tax function of trust companies.

OBJECTIVE

Participants will be able to:

  • Understand the importance of the governing documents in preparing the tax return
  • Know the classifications the tax law assigns to various types of trust, and how to recognize the proper type for Form 1041
  • Compute distributable net income (DNI) and know why it matters
  • Understand how the net investment income tax affects trusts and estates and how to report it
  • Determine the amounts to report on beneficiaries’ K1s

MAJOR SUBJECTS

  • Preparing Form 1041 Page 1 to report income and deductions
  • Identifying deductible and nondeductible expenses after the denial of all 2% miscellaneous itemized deductions by the Tax Cuts and Jobs Act
  • Computing the income distribution deduction on Schedule B
  • Computing the allowable charitable contribution deduction on Schedule A
  • Computing the fiduciary income tax on Schedule G
  • Computing the trust/estate’s net investment income tax on Form 8960
  • Preparing K1s
  • Other trust issues

COURSE ACRONYM: PF41

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Estate and Trust Income Taxation

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.