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

<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
 </div

<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
 </div