*** Please note: This event is a rebroadcast of the LIVE event which was originally run on January 28, 2010. Experts Rosemarie C. Steeb, Jacqueline A. Patterson and Daniel Cirola will return for a live audience question and answer session.***
Tax Preparers have been struggling with the complexities of filling out Form 1041. The Knowledge Group recently ran a webcast which discussed theory, policy impact, as well as some of the technical details of the form. Based on requests from the audience, we are producing a new webcast which will focus 100% on how to complete the form via a line-by-line walkthrough. Our panel of expert tax professionals will guide you through the form helping you to navigate the difficult sections with ease.
The New Form 1041: A Line-by-Line Walkthrough Is a must attend event for all tax preparers who have to fill out this form. In addition to the line-by-line walkthrough, our team of experts will take live questions from the audience. Attendees who register in advance will receive a complimentary recording of the previous webcast: Form 1041: How to Prepare an Accurate Form for Tax Professionals originally aired on July 8th, 2009.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 103996
Rosemarie C. Steeb
Executive Director, Personal Financial Services
Michael M. Mariani
Managing Director, Deputy General Trust
Counsel and Director of Trust and Estate Services
Daniel Cirola
Senior Tax Manager
Jacqueline A. Patterson, Esq.
Founding Partner
Rosemarie C. Steeb, Executive Director, Personal Financial Services, will be available for Q&A session
Ernst & Young LLP
– Characteristics of grantor and non-grantor trusts
– Types of grantor trusts and their filing requirements
– Intentionally Defective Grantor Trust
– Grantor Retained Annuity Trust
– Qualified Subchapter S Trust (QSST) v. Electing Small Business Trust (ESBT)
– Qualified Personal Residence Trust
– Multistate tax considerations
– residency issues
– sourcing and allocation issues
– adjustments and modifications
Daniel Cirola, Senior Tax Manager, Eisner LLP
- What is a Trust and How and Why is it Created?
- Common Fiduciary Terms
- 1041 Line by Line Walk Through
- Taxation of Trusts
- What is new for 2009
Michael M. Mariani, Managing Director, Deputy General Trust Counsel and Director of Trust and Estate Services, Fiduciary Trust Company International
Elections Available to the Personal Representative on the Form 1041:
- Selection of the tax year;
- Treating a Qualified Revocable Trust as part of a decedent’s estate for Federal income tax purposes - IRC Section 645;
- Treatment of property distributed in kind - IRC Section 643(e);
- The 65 day rule – IRC Section 663(b); and
- Selection of the final tax year.
Jacqueline A. Patterson, Esq., Founding Partner, will be available for Q&A session
Haney, Buchanan & Patterson, LLP
- Regarding fiduciary accounting and the distribution deduction
- Fiduciary Accounting Income versus Trust Taxable Income;
- The Calculation of DNI and the Distribution Deduction;
- The interrelationship between tax and accounting income; and
- The impact of the “power to adjust” and unitrusts on DNI.
Healthcare Finance:
- Tax Preparers
- CPAs
- Accountants
- Enrolled Agents
- Tax Lawyers
- Estates and Trusts practicing Attorneys
- Tax Consultants
This is a must attend event for all tax professionals to hear the detailed discussion from experts on how to accurately prepare Form 1041
- Detailed guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A