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Estate & Trust Primer

  • 05/08/2019
  • 8:00 AM - 12:00 PM



Explore the changing tax code.    Protect your clients' assets and shield their estates from increased taxation brought about by the changing tax code.     This webcast helps you understand the tax obligations of trusts and estates and how these obligations affect beneficiaries. With updates from the Tax Cuts and Jobs Act (TCJA), we provide exercises and examples that reflect the calculation and allocation of taxable income and its presentation on the appropriate forms. You’ll also learn how to prepare the federal Form 1041 and the accompanying schedules. 

Key topics 
• How trusts and estates are taxed under the internal revenue code 
• What is a trust, a simple trust and a complex trust 
• How the income of a trust or estate is defined for tax purposes 
•  What the ordinary deductions are and what credits are allowed 
• How the deduction for distributions to beneficiaries are determined 
• How trust and estate beneficiaries are taxed 
• What a "grantor trust" is and how it is taxed 
• How Form 1041 is prepared
• Identify the concepts of federal income taxation of estates and trusts. 
• Calculate the gross income of trusts and estates. 
• Recall which deductions and credits are allowed for estates and trusts. 
• Recall distributable net income and understand its significance.

Designed For:  CPAs, enrolled agents and financial planners with basic knowledge of federal income tax concepts and an interest in Income Taxation of Estates and Trusts and preparing Form 1041.
Level: Basic
Instructor: William Murphy
Developer: AICPA
CPE Credits: 4
Area of Study: Taxes  4

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