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SUMMARY:Surgent's Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms (1041)
LOCATION:Webinar
DESCRIPTION:Surgent's Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms (1041)\n\n05/05/26 08:00 AM CST\n - 05/05/26 04:00 PM CST\Description:\nThis course is designed as a comprehensive guide to the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms.Objectives:
 Be aware of fiduciary accounting principles
 Calculate Distributable Net Income and the income distribution deduction
 Prepare Form 1041 and Schedule K-1
 Presenters:Michael Frost, CPAField of Study:Taxes (8)Major Topics:
 Relevant updates from One Big Beautiful Bill (OBBBA) legislation incorporated throughout
 Classifying receipts between “income” and “corpus” under the Uniform Principal and Income Act
 Calculation of DNI utilizing three different methods, a “forms” method (Schedule B), a “code” method, and a “shortcut” method, utilizing a worksheet of common income and expenses
 Proper W-2 preparation and procedures in the year of death
 Taxpayer passes before taking a required minimum distribution; what must be done? 
 Forgetful fiduciaries of simple trusts
 Fluctuating trusts – Simple one year, complex the next
 Dividing income in the year of death
 Overview of Subchapter J
 Form preparation issues – Filing requirements and line-by-line explanations of Form 1041
 Taxable income of estates and trusts and expense allocation issues
 Specific deductions and miscellaneous itemized deductions
 Income in respect of a decedent
 The income distribution deduction calculation
 Relation of principal and income law to DNI
 Understanding how to handle capital gains and losses
 Allocating tax items to beneficiaries: another K-1
 Other considerations: excess deductions on termination
 Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation
 Comprehensive trust and estate case studies, with filled-in forms
 \Location:\nWebinar\n\n,
X-ALT-DESC;FMTTYPE=text/html:Surgent's Fiduciary Income Tax Returns - Form 1041 Workshop with Filled-in Forms (1041)<br /><br />05/05/26 08:00 AM CST - 05/05/26 04:00 PM CST<br />Description:<br />This course is designed as a comprehensive guide to the core concepts of trust and estate income tax preparation. The course explains the common terminology and complicated income tax rules of estates and trusts, fiduciary accounting, and an introduction to or refresher on preparing Form 1041. This practical, over 300-page manual is an excellent reference source for your practice, which begins with quite simple cases. Building upon that base throughout the manual, the course ends with two complicated preparation cases, one trust and one estate, each with filled-in forms.<br><br><b>Objectives:</b><br><ul>
    <li>Be aware of fiduciary accounting principles</li>
    <li>Calculate Distributable Net Income and the income distribution deduction </li>
    <li>Prepare Form 1041 and Schedule K-1 </li>
</ul><br><b>Presenters:</b><br>Michael Frost, CPA<br><br><b>Field of Study:</b><br>Taxes (8)<br><br><b>Major Topics:</b><br><ul>
    <li>Relevant updates from One Big Beautiful Bill (OBBBA) legislation incorporated throughout</li>
    <li>Classifying receipts between &ldquo;income&rdquo; and &ldquo;corpus&rdquo; under the Uniform Principal and Income Act</li>
    <li>Calculation of DNI utilizing three different methods, a &ldquo;forms&rdquo; method (Schedule B), a &ldquo;code&rdquo; method, and a &ldquo;shortcut&rdquo; method, utilizing a worksheet of common income and expenses</li>
    <li>Proper W-2 preparation and procedures in the year of death</li>
    <li>Taxpayer passes before taking a required minimum distribution; what must be done?&nbsp;</li>
    <li>Forgetful fiduciaries of simple trusts</li>
    <li>Fluctuating trusts &ndash; Simple one year, complex the next</li>
    <li>Dividing income in the year of death</li>
    <li>Overview of Subchapter J</li>
    <li>Form preparation issues &ndash; Filing requirements and line-by-line explanations of Form 1041</li>
    <li>Taxable income of estates and trusts and expense allocation issues</li>
    <li>Specific deductions and miscellaneous itemized deductions</li>
    <li>Income in respect of a decedent</li>
    <li>The income distribution deduction calculation</li>
    <li>Relation of principal and income law to DNI</li>
    <li>Understanding how to handle capital gains and losses</li>
    <li>Allocating tax items to beneficiaries: another K-1</li>
    <li>Other considerations: excess deductions on termination</li>
    <li>Comprehensive DNI case study, with principal (cost and FMV) and income reconciliation</li>
    <li>Comprehensive trust and estate case studies, with filled-in forms</li>
</ul><br />Location:<br />Webinar<br /><br />,  
PRIORITY:3
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