When it comes to protecting and optimizing your clients’ trusts and estates, trust TaxSpeaker’s expertise. Our 1041’s for Trusts and Estates course is led by Bill Leonard, CPA, who is not only a practicing tax professional but also is Taxspeaker’s expert on trust and estate tax matters.
Beginning with a discussion of when returns are required, he guides participants through the 1041 tax preparation maze with hands-on guidance regarding types of trusts, return preparation, compliance, allocations, and distributions. In addition, we’ve taken care to update this course with 2021 and 2022 changes to estate planning rules, administration, and accounting in 1041’s, plus practical tips to plan throughout the workday.
During this course, we will define estates, a short tax year, distributions in kind, discretionary income distributions, and irrevocable and revocable living trusts. The instruction also includes identification of the duties of the fiduciary, characteristics of other types of trusts, purpose of the probate court and income distribution deduction, and options for IRA’s inherited by a spouse. Upon completion, attendees will also have thorough competence to determine qualifiers of a grantor trust, how to compute amortization allowances, what qualifies as IRD, and the advantages of revocable living trusts.
Learning Objectives: Upon completion of this course you will be able to: 1. Define estate 2. Identify the duties of the fiduciary 3. Identify the characteristics of QSSTs 4. Determine what qualifies as a grantor trust 5. Identify the qualities of estates and trusts 6. Identify the purpose of the probate court 7. Identify the purpose of the Income Distribution Deduction 8. Determine how to compute amortization allowances 9. Define short tax year 10. Determine what qualifies as IRD 11. Identify the options for IRAs inherited by a spouse 12. Define distributions in kind 13. Define discretionary income distributions 14. Define Irrevocable Living Trusts 15. Determine the advantages of Revocable Living Trusts
IRS Program Number
Field of Study
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NJAPA has always been dedicated to increasing and maintaining a high standard of proficiency and integrity among its members; cultivating a spirit of professional cooperation among its members; and establishing good will and understanding between the public and the membership.
Bill Leonard CPA, CFFA holds licenses and memberships in Massachusetts, Rhode Island, Alaska and Singapore. He is the sole shareholder of W.A. Leonard & Company, P.C. and PT W.A. Leonard employing sixteen multi-lingual professionals that focus on meeting the needs of small businesses, individuals and fiduciaries. A graduate of Bentley University and Babson College, Bill has been in practice since 1981. He has over twenty years of college and seminar teaching experience.