Form 1041 Advanced Series Part 1: Why Complex Trusts are Complicated 2024

Overview

The first course in a four-part series, fiduciary accounting and taxation field, has transitioned over the past several years with updated rules and the increased tax cost of accumulating income in a non-grantor trust. The changes in the income tax rate structure at the federal and state levels have pulled income tax planning forward as a prime objective for estate planners. The rules and understanding of fiduciary accounting continue to be in a state of development and challenge. It is an understatement to say that fiduciary accounting and taxation have entered a new and very different phase of complexity and change. We will explore many of these issues in Parts 1-4 of Form 1041 Workshop.

Highlights

• How to Identify a Complex Trust and the Complications that Arise with Complex Trusts
• The Importance of Recognizing the Tier System used by Complex Trusts
• The Advantages and Requirements of the 65-day Rule
• Special Issues Related to the Charitable Contribution Deduction
• Use of a Checklist for Complex Trusts

Prerequisites

An understanding of the basics of Form 1041, fiduciary accounting and taxation.

Designed For

Tax practitioners, accountants and financial professionals.

Objectives

• Determine and review how complicated complex trust can be difficult
• Recognize provisions in a trust document that result in complex trust treatment
• Identify and recognize the tax cost of accumulating taxable income in a trust
• Identify special issues relating to complex trusts

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).