Form 1041 (4101495B)

This basic course reviews the fundamentals of the fiduciary entity, fiduciary accounting and taxation. You'll prepare a Form 1041 from inception to completion and use a spreadsheet to track the different calculations necessary to prepare the 1041 accurately. You'll also review recent tax law changes that impact the Form 1041, learn how to navigate various problem situations and increase your understanding of what to look for when reviewing a Form 1041 submitted by another practitioner.

• Understand the basic components to the Form 1041.
• Become familiar with the state and federal law that drives a fiduciary entity.
• Understand the relationship between the different authorities that impact accounting and tax treatments.
• Explore tax law changes that impact the Form 1041.
• Prepare a Form 1041 from inception to completion.
• Understand how to review a Form 1041 submitted by another practitioner.

• Introduction to the fiduciary entity
• Fiduciary accounting
• Subchapter J, DNI and the distribution deduction
• Simple versus complex trusts
• Form 1041 updates
• Special problem situations

Practitioners who prepare or review the Form 1041.

None

None

To ensure that all credit is properly recorded, please review your personal profile and update your CPA, CFP, CTEC and/or Bar license number(s).