CLE on Preparing Fiduciary Income Tax Returns

The ABA Section of Real Property, Trust and Estate Law is sponsoring a 90-minute teleconference and live audio webcast entitled Preparing the Fiduciary Income Tax Return on March 17, 2011. The program information is below:

Most lawyers are not as well-verse in the proper preparation of Form 1041 as they are with other tax forms. With the increased use of trusts to transfer wealth, knowing how to prepare an accurate Form 1041 will become more and more critical in providing quality client service. During the conference, participants will learn the unique aspects in Form 1041 compliance, how to accurately prepare Form 1041 for an estate or trust and how to allocate taxable income between the entity and its beneficiaries. With the decrease in the number of estate tax returns, more IRS resources are being shifted to the Form 1041 area increasing the likelihood of more audits. Make sure the Form 1041s you file can withstand this heightened IRS scrutiny by participating in this conference.

During this presentation, participants will:

• Learn the differences between Form 1041 and Form 1040
• Learn how to compute Distributable Net Income and properly allocate taxable income between the fiduciary entity and its beneficiaries
• Learn the different reporting rules for revocable and irrevocable trusts
• Learn how to withstand increasing IRS review of Form 1041