2024 Fiduciary Income Tax Planning: Reporting Requirements, Sec. 199A, Sec. 642(c), Form 1041

The taxation of estates, trusts, and beneficiaries present unique and complex issues that require an in-depth understanding of various methods to minimize income tax liability. Estate planners and tax counsel must tackle challenges under federal tax law and state tax considerations impacting what items and who to tax on distributions from an estate or trust.

In the administration of estates and trusts, a fiduciary's primary objective is to avoid any income tax traps stemming from the applicable tax rules. This involves a careful review of the language within the existing estate and trust documentation, the realization and characterization of income, potential tax issues of existing trusts, and available income tax planning mechanisms.

Estate planners and tax counsel must acquire the necessary expertise to handle specific income tax planning and administrative issues regarding partnership interests, distributable net income, Section 645 elections, and other essential items impacting income taxation.

Listen as our panel discusses income tax rules and traps to avoid and minimizing unexpected income tax liabilities, as well as offers techniques to ensure income tax benefits for trusts and estates.

1. Overview of the taxation of estates and trusts
2. Deductions and expenses of trusts and estates
3. Structuring trusts to minimize income tax liability
4. Challenges stemming from existing trusts
5. Determining DNI
6. Tax consequences of distributions and planning
7. Best practices for fiduciaries

The panelist will review these and other key issues:

• What are the relevant tax laws impacting fiduciary income tax planning?
• What are the types of trusts, and how are they taxed?
• How do you calculate distributable net income?
• What are the tax consequences of distributions?
• What trust deductions, elections, and expenses are available?
• What are the deductions and expenses of an estate?
• What planning techniques are available to minimize taxes for the trust, estate, and beneficiaries?

Learning Objectives

After completing this course, you will be able to:

• Identify relevant tax laws impacting fiduciary income tax planning
• Recognize types of trusts, and how they are taxed
• Ascertain how to calculate distributable net income
• Understand the tax consequences of distributions
• Identify what trust deductions, elections, and expenses are available
• Ascertain planning techniques to minimize taxes for the trust, estate, and beneficiaries

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. is 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).