Foundations of Estate and Fiduciary Income Tax - Form 1041 and Form 706
EVENT DATE:
Sep 24,2024
PRESENTER(s): Klaralee R. Charlton
11:00 AM ET | 10:00 AM CT | 8:00 AM PT |
180 Minutes
Preparing returns for estates and trusts can be difficult, this course will evaluate both Form 706 and Form 1041 reporting of post-death charitable transfers and these services are vital for our clients. This course provides the practitioner with a practical understanding of Federal estate law. We will examine Forms 1041 and 706 and will address how and when to prepare each form. We will also discuss planning suggestions to minimize taxation where possible for clients.
Learning Objectives:
- Successfully and correctly complete forms 1041 and 706
- Understand and obey compliance requirements for forms 1041 and 706.
- Compliance issues and key topics including asset valuation, deductions, tax liability and portability elections.
- Descendent 1040 preparation and planning discussions to minimize taxability.
- Understand asset valuation, estate deductions, and correctly ascertain the impact on tax liability.
- Explain tactics to assist clients in estate planning to minimize future tax liability.
Session Highlights:
- Preparation of forms 1041 and 706.
- Estate income, common examples and proper reporting on form 1041.
- Six major components of Form 706 to ensure compliance.
- Determining Tax Liability.
- Portability elections, their availability and use.
- Asset valuation and deduction compliance and their impact on tax calculations.
- The ins and outs of the “portability” rules, including how the rules actually work using common examples.
- Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
- Income tax consequences.
- Schedule K-1 for beneficiaries
- Complete understanding of estate and gift taxation
- Understanding of distributable net income (DNI)
- Understanding of income in respect of a decedent (IRD)
- Line-by-line instruction (Income, Deductions, and Payments)
- Recall QSST and EBST elections
The executor of a decedent's estate uses Form 1041 to report estate income. One uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code, and, also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips. This form is a complicated to prepare
Credits and Other information:
- Recommended CPE credit – 3.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-T-00100-24-O
- Attendance Requirement: Yes
- Session Duration: 3 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Accountants
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Lawyers
- Finance professionals
- Financial planners
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association.
She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
