BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, September 17, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

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

$197.00
CPE
ALL

This course will outline strategies that should be considered by estate and trust practitioners when preparing Form 1041. Our panel of estate tax veterans will identify ways to reduce tax for taxable and non-taxable estates and their heirs.

Faculty

Neal B. Jannol
Attorney
Law Offices of Neal B. Jannol

Mr. Jannol is a sole practitioner in Los Angeles at the Law Offices of Neal B. Jannol. He has been an attorney for more than 20 years and concentrates his practice on sophisticated estate and tax planning for individual clients, the representation of individual and corporate fiduciaries, and the administration of estates and trusts. His experience includes drafting revocable and irrevocable trusts, business succession planning, premarital planning, charitable gift planning, and all aspects of estate administration and probate procedures. He is a member of the State Bar of California and is a Certified Specialist in Estate Planning, Trust & Probate Law. Mr. Jannol earned his B.A. degree, magna cum laude, from the University of California at Los Angeles and his J.D. degree from the University of California at Berkeley, Boalt Hall School of Law.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Jeremiah W. Doyle
Senior Vice President
Bank of New York Mellon, Corp

Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their wealth in a tax efficient manner. He is the editor and co-author of Preparing Fiduciary Income Tax Returns, a contributing author of Preparing Estate Tax Returns and Understanding and Using Trusts and a contributing author of Drafting Irrevocable Trusts in Massachusetts. He is a lecturer in law in the Graduate Tax Program at Boston University School of Law.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

When preparing Form 1041, U.S. Income Tax Return for Estates and Trusts, there are numerous time and tax saving opportunities for tax preparers to consider for an estate. Preparing a first and final return or electing to include income earned in a decedent's trust on the estate income tax return can save both time and money.

Estate advisers should consider distribution strategies to minimize overall tax paid, which could include making a 65-day election under 663(b). Claiming charitable deductions, electing to deduct certain expenses on the 1041 instead of Form 706, and strategizing final and excess distributions can lead to substantial overall tax savings for a decedent and heirs.

Preparing the form itself is challenging. Initially, the most suitable year-end date needs to be selected. Tax practitioners must determine whether charitable contributions can be deducted and how to properly report these on Schedule A. Since expenses paid in administering and closing an estate are unique, determining what is or is not an allowable deduction for these entities can be time-consuming.

Listen as our panel of estate tax experts discusses post mortem planning opportunities that should be considered when preparing Form 1041 for a decedent's estate.

Outline

  1. Post mortem planning
  2. Elections
  3. Deductions
  4. Income
  5. Distributions
  6. Preparing Form 1041

Benefits

The panel will review these and other critical issues:

  • When to consider accrual basis reporting
  • Taking a charitable deduction relative to income set aside for charitable purposes
  • Reporting excess deductions on termination
  • Making a 663(b) 65-day election for trust distributions

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Verify that Form 1041 is correctly prepared
  • Determine when to make a 65-day election for trust distributions
  • Ascertain the problems related to including capital gains in disposable net income
  • Understand the IRC 645 election to treat qualified revocable trusts as part of the decedent's estate for federal fiduciary income tax purposes
  • Identify the consequences when a partner dies
  • Recognize the special issues related to S corporations and estates and trusts

  • 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).