Navigating Form 1041 and the Upcoming Storm will be the subject of a live, 100-minute audio conference to be held Tuesday, May 23, at 2 p.m. Eastern Daylight Time.
The conference will be presented by CCH, a Wolters Kluwer business and provider of tax information, software and services for telecom and other industries.
Robert Barnhill, an attorney and CPA, will detail the dos and donts of the income tax return for estates and trusts that can ensure maximum benefits to clients.
As the number of estates subject to filing estate tax returns has shrunk in recent years, the IRS has turned its attention toward Form 1041 and believes it will generate huge dollars in this area, said Richard Jarvis, CCH managing editor. Thats the upcoming storm that practitioners need to be aware of. Practitioners need to make sure that their clients arent part of that flow of dollars the IRS is counting on.
With the increased use of trusts to transfer wealth, knowing how to prepare an accurate Form 1041 that can withstand heightened IRS scrutiny is critical to serving clients. Barnhill will focus on specific concepts, rules and techniques, such as:
The critical differences between Form 1041 and Form 1040;
Computing taxable income for an estate or trust;
Computing distributable net income and properly allocating taxable income between the fiduciary entity and its beneficiaries;
The different reporting rules for revocable and irrevocable trusts;
Understanding how the 2-percent AGI floor rules apply to trusts and estates; and
Preparing to withstand increasing IRS review of Form 1041.
The presentation also will include a live question-and-answer session.
For the $249 per-site fee, an unlimited number of listeners can participate. Along with detailed handout materials, each site registering will receive free copies of CCHs Federal Income Taxes of Decedents, Estates and Trusts (22nd Edition), CCHs Corporation-Partnership-Fiduciary Filled-In Tax Forms (2006) and CCHs Journal of Tax Practice and Procedure as special bonuses.
Two hours of CPE credit are also available for an additional $25 for each person wishing to receive a CPE certificate for participation in the conference.