Fiduciary Taxation Part 1: Introduction to Form 1041 2024

Overview

Form 1041 is considered a complicated return by many practitioners, and the complexities have increased with legislation enacted in 2012 and 2017. This stems from the fact that there is terminology specific only to fiduciary entities, special accounting rules that fall somewhere between book and tax, and odd calculations such as “distributable net income” and “deductible DNI.” In this series of webcasts and through a series of schematics and spreadsheets, some of the mystery will be removed from the workings of fiduciary taxation and be replaced with an understanding of the structure and consistency that underlies this interesting little entity that has been around since the Crusades and has a long history of use and effectiveness. This is part 1 of a 4-part series.

Highlights

• Introduction to the Fiduciary Entity and Basic Fiduciary Entity Flowchart
• Authorities & Disciplines in Fiduciary Accounting & Taxation
• Fiduciary Tax Rates and Brackets
• Introduction to Subchapter J
• 5 Basic Rules & Concept of Fiduciary Taxation and Steps to Calculating the Income Taxation of Trusts & Estates
• Use of a Tax Spreadsheet

Prerequisites

None

Designed For

Tax practitioners, accountants and financial professionals.

Objectives

• Recognize and Review Typical Fiduciary Entities
• Determine an Approach to find the Fiduciary Accounting & Taxation of an Entity
• Identify and Understand the Differences between Fiduciary Accounting and Taxation

Preparation

None