This course will address the 1041 head-on. From discussions on the purposes of the fiduciary income tax
return-Form 1041, to specialized topics such as Tier 1 and 2 distributions, the separate share rule, stale
trusts, terminations and special needs trusts. This will be a power-packed eight hours. Coverage includes
essential terminology of estates and trusts, the essence of a trust vs. a probate estate, simple vs. complex
trusts as well as revocable vs. irrevocable trusts. Recent developments are covered including TCJA changes
and IRS recent rulings regarding excess deductions on termination. What deductions are still allowed on
the fiduciary income tax return after TCJA? The mysteries of “income in respect of a decedent” are
plumbed. Particular attention is focused on the income distribution deduction as Form 1041 is the only
place in the world of tax where this item is found. There will be a walk-through completion of Schedule B.
All this along with an introduction to fiduciary accounting (principle vs. income), a brief history of the
estate tax in the United States, and trouble-shooting fiduciary problems-what to do when things go
• After this seminar you will be familiar with proper fiduciary nomenclature.
• You will understand the purposes of Form 1041 and be comfortable with the concept of “what is a
trust?” You will also understand the differences between the various types of trusts.
• You will know the recent developments in estate and trust taxation and the history of the estate
• You will be able to take what you learn here back to the office and know just what to do when a
client calls and says that there was a death in the family or that they finally got their revocable
living trust. Know what deductions survived the TCJA and how to treat miscellaneous deductions
• You will recognize income in respect of a decedent and know how to handle it on the return.
• You will be familiar with Schedule B and know the difference in treatment of simple trusts vs.
complex trusts in relationship to the income distribution deduction.
• You will also know how to apply fix-its when things go wrong and assist your clients who, although
serve as fiduciaries, don’t always know what to do and when to do it.
Number of Hours:
Knowledge of Tax Law Regulations
Number Of Days:
Continental Breakfast, Beverages, Lunch
Early Cut Off Date:
CPA (8), EA (8), Maryland Preparer (8)
NASBA, IRS, State of Maryland