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Form 1041: A Roadmap to Preparing the Fiduciary Return

FORM 1041: A ROADMAP TO PREPARING THE FIDUCIARY RETURN

Cost $30.00
Presentation Length 2.0 hours

Recorded DateOctober 29, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The preparation of The U.S. Income Tax Return for Estates & Trusts (Form 1041) is an art that requires juggling oft-competing obligations between the tax authorities, personal representatives, and beneficiaries. Many practitioners assume that “Form 1041 can’t be much different from Form 1040”, but are soon overwhelmed by the intricacies of Subchapter J of the Internal Revenue Code. This class will examine the basics of estates and trusts, provide an understanding of distributable net income (DNI), income-in-respect of the decedent (IRD), and offer a practical guide to completing the fiduciary income tax return.

Learning Objectives


  • Recall the timeline and tax filing requirements faced by a decedent’s personal representative

  • Identify reportable items of income and deductible expenses

  • Identify the difference between accounting, distributable, and taxable income

  • Determine how to properly complete Form 1041

  • Identify information from and work with related individual and estate tax forms

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE

Licensed since 1988, Monica Haven is an Enrolled Agent, an Accredited Tax Advisor, and Accredited Tax Preparer. She is also a graduate fellow of the National Tax Practice Institute, a nationally recognized academic program designed to develop and hone the skills necessary for effective taxpayer representation.  Monica has a Bachelor of Science degree in Small Business Management with an emphasis on New Ventures and a Doctor of Law (J.D.) and a Master of Laws in Taxation (LL.M.) from Loyola Law School in Los Angeles.

Monica has been a long-term and active member of numerous professional organizations, including the National Association of Enrolled Agents, the National Society of Accountants, the National Association of Tax Practitioners, the National Society of Tax Practitioners, the California Society of Enrolled Agents, the California Society of CPAs, and the California Society of Accounting and Tax Professionals, as well as the Los Angeles County Bar Association, the Young Tax Lawyers Committee, and the Tax Law Society.

With decades-long experience as a solo practitioner, Monica is only too eager to share her expertise in the classroom and does so routinely. She is a recognized speaker on the "professional" circuit and a welcomed guest lecturer on college campuses and community organizations.  Happy when she is working to resolve client issues, busy preparing returns, or buried beneath a mountain of regulatory and bureaucratic paperwork, Monica amasses a wealth of real-world experiences and humorous anecdotes, which she exploits unabashedly to make her course materials less dry, more memorable, and fun.  She knows she has succeeded when her students comment, "I wish you had been my teacher when I learned accounting; I would have learned so much more and enjoyed it.”  [See what others have said at www.mhaven.net.] Truthfully, Monica is torn and cannot decide whether she prefers teaching or taxation.  She’s happiest when she doesn’t have to choose and gets to teach tax!

About Our Presenter

Mhaven
Although California-based, Monica Haven’s firm serves the needs of domestic and international clients scattered throughout the world from Austria to Zimbabwe. Okay, so we don’t really have clients in the South African nation, but it sounds better than to state that our client base includes everyone from A to Z.  But we do have a client in Gabon (that’s in Africa) and we have others in Central America, Asia, and all over Europe.  Someday, we hope to brag that we have clients on all seven continents.

With the help of diligent support staff and a large research library, we guide our clients through a full range of tax planning and preparation decisions.  We invite you to visit the company’s website where you’ll find:
  • Information about Credentials held and Services provided.
  • Newly published student texts and reference manuals.
  • Specialty pages dedicated to all things foreign, estate & gift taxation, senior, and small business issues.
  • A Peer2Peer page designed to make things a bit easier for fellow practitioners.
  • A How to... page to which you may refer your clients when they ask how to reach the IRS, order tax forms, pay online, check on refunds, amongst many other common queries.
And if you’re in the mood for some fun stuff, be sure to click on the happy face at the top of any page.