This session will address the preparation of IRS Form 1041 (Fiduciary Income Tax) and will describe how the Form is completed to report the income and deductions of trusts and estates. Discussion will include the distinctions between trust accounting income and principal and will highlight how the 2017 Tax Cuts and Jobs Act has impacted the income taxation of trusts and estates.
1) Gain an understanding of the detailed preparation of IRS Form 1041.
2) Learn how to identify and distinguish trust accounting income and trust accounting principal.
3) Determine the impact of the 2017 Tax Cuts and Jobs Act on the income taxation of trusts and estates.