Don Farmer's Trusts, Estates, & Gift Tax Forms- Self-Study

Overview

This intermediate-level course provides a focused review of federal income and transfer tax
reporting for trusts, estates, and taxable gifts. Participants will examine key reporting requirements and filing mechanics for Forms 1041 and 709, including income distribution deductions, Schedule K-1 reporting, and taxable gift calculations. The course emphasizes fiduciary accounting considerations, compliance risks, and common preparation errors. Practical examples reinforce accurate reporting and documentation standards in fiduciary and gift tax return preparation.

Please note this event was originally recorded on 08/27/2026 and must be completed by 04/30/2027 for credit.

Highlights

Overview of fiduciary and gift tax reporting framework
Form 1041 reporting fundamentals
Basic fiduciary accounting income considerations
Form 709 reporting fundamentals
Common preparation errors and IRS examinations focus areas

Prerequisites

Working knowledge of federal income taxation and basic familiarity with trust or estate taxation
concepts.

Designed For

CPAs, tax practitioners, and accounting professionals who prepare or review fiduciary income tax returns or gift tax returns and seek to strengthen their understanding of reporting mechanics and compliance requirements.

Objectives

Identify key reporting components of Forms 1041 and 709

Distinguish fiduciary income tax reporting from transfer tax reporting

Apply income distribution deduction rules and Schedule K-1 reporting requirements

Analyze taxable gift reporting and annual exclusion considerations

Recognize common compliance risks and filing errors in fiduciary and gift tax returns