Description:

Tax compliance issues for fiduciary entities are sometimes confusing to practitioners due to the fact that many lack experience in this area. This course provides the practitioner with a practical understanding of the issues involved in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041), including a Line-by-Line presentation of the form.

Session Highlights:

• How to prepare a Form 1041
• Understanding of distributable net income (DNI)
• Understanding of income in respect of a decedent (IRD)
• Line-by-line instruction (Income, Deductions, and Payments)
• Schedule B (Income Distribution Deduction)
• Other schedules
• Proper compliance regarding “Other Information”

Learning Objectives:

To provide an overview and guide to preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).

Note: This course will reflect the most current regulations and guidance. Any updates or changes to relevant laws or requirements will be fully incorporated into the content to ensure accuracy and compliance.

Who should attend?

• CPAs
• EAs
• Other tax & financial professionals

Speaker Profile:

Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure. Currently Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax