Course Level: Intermediate
Prerequisite: Basic knowledge of individual income tax
Advance Preparation: Download Form 1041 from the IRS website and have the form available to reference.
Delivery Method: Group-Live
|
CPE Credits |
Designation |
Field of Study |
| IRS * |
8 |
EA |
Federal Tax Law Topic |
| NASBA |
8 |
CPA |
Taxes |
| CTEC |
8 |
CRTP |
Federal Tax Law Topic |
| CFP Board |
8 |
CFP® |
Income Tax Planning |
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
They say only two things are certain—death and taxes. Be prepared to assist taxpayers with tax filing before and after death. This course explains the basic rules for preparing a decedent’s final personal income tax return and the income tax rules governing a decedent’s estate and/or trusts. Examples illustrating these rules are presented throughout the text.
Upon completion of this course, the learner will be able to:
- Allocate and report the proper amount of income and expenses on a final Form 1040.
- Discuss the treatment of the decedent’s tax attributes (e.g., NOLs, capital loss carryovers, suspended passive losses, etc.).
- Identify the various other forms used when wrapping up the decedent’s final return.
- Learn the meaning of unique terms associated with a decedent’s estate.
- Identify necessary documents and forms for completing Form 1041 for an estate.
- Determine when the estate can and should make an election to treat a revocable trust as part of the estate.
- Discuss the reporting of various income items (e.g., interest, dividends, capital gain income and income in respect of a decedent).
- Identify the options for reporting a decedent’s deductible expenses (Form 706 vs. Form 1041).
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