1040 Workshops Mt. Kisco, NY-Dec. 9-10, 2020

Day 1 - 1040 Update

Find out the latest tax law changes, guidance and forms, from the CARES Act, SECURE Act and other COVID-19 related legislation, with practical examples. This course also features the standard inflation-indexed updates to prepare you for filing individuals’ 2020 tax returns. Since eligibility was significantly expanded under the TCJA, we’ll cover how to request certain accounting method changes using Form 3115, and the automatic change procedures. Our focus will be primarily on taxpayers claiming missed depreciation, as well as small business taxpayers changing to the overall cash method of accounting.

Day 2 - The Final 1040 and Form 1041

Be prepared to assist your clients in their time of loss by helping them file their loved one’s final tax returns. This course details the steps to file the taxpayer’s final Form 1040, U.S. Individual Income Tax Return, in the year of their death and Form 1041, U.S. Income Tax Return for Estates and Trusts, in the years following their death. The course addresses allocating income between the final Form 1040 and Form 1041, properly calculating and reporting income in respect of a decedent (IRD) and distributable net income (DNI), and preparing the final Form 1040, the estate Form 1041 and the beneficiaries’ Schedule K-1 (Form 1041), for a Beneficiary Filing Form 1040 or 1040-SR.