June 2, 2023

Live Webcast

8 Total CPE Credits


Fiduciary Income Tax Returns – 1041 Workshop with Filled-in Forms (in collaboration with the FICPA)

Learning Objectives

<liBe aware of fiduciary accounting principles</font
</li<liCalculate Distributable Net Income and the income distribution deduction</font
</li<liPrepare Form 1041 and Schedule K-1</font </li</ul</ul

Major Topics

<liClassifying receipts between “income” and “corpus” under the Uniform Principal and Income Act</font
</li<liCalculation 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</font
</li<liProper W-2 preparation and procedures in the year of death</font
</li<liTaxpayer passes before taking a required minimum distribution; what must be done? </font
</li<liForgetful fiduciaries of simple trusts</font
</li<liFluctuating trusts – Simple one year, complex the next</font
</li<liDividing income in the year of death</font
</li<liOverview of Subchapter J</font
</li<liForm preparation issues – Filing requirements and line-by-line explanations of Form 1041</font
</li<liTaxable income of estates and trusts and expense allocation issues</font
</li<liSpecific deductions and miscellaneous itemized deductions</font
</li<liIncome in respect of a decedent</font
</li<liThe income distribution deduction calculation</font
</li<liRelation of principal and income law to DNI</font
</li<liUnderstanding how to handle capital gains and losses</font
</li<liAllocating tax items to beneficiaries: another K-1</font
</li<liOther considerations: excess deductions on termination</font
</li<liEffects of the CARES and Tax Relief Acts on trusts: §461(l) Excess Business Loss Limitation, NOL, §163(j) modifications, new employer credits</font
</li<liComprehensive DNI case study, with principal (cost and FMV) and income reconciliation</font
</li<liComprehensive trust and estate case studies, with filled-in forms</font </li</ul</ul

CPE Credits Available

Total CPE

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Accounting & Auditing
  • Accounting and Auditing


Experience with the preparation of income tax returns

Intended Audience

Accounting and Financial Professionals whose practice includes the preparation of fiduciary income tax returns


Maryland Association of CPAs

Register For This Event

  • MACPA Member

    $ 275 275
  • MACPA Non-Member

    $ 400 400
    Your Price

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